Altamira Gold Corp. (CVE:ALTA) (FRA:T6UP) (OTCPINK:EQTRF) said it has raised $1,432,087 since the February 5, 2021, closing of its most recent placement as a result of the exercise of 12,334,466 share purchase warrants that were issued in connection with several previous non-brokered private placements.
The company noted that it currently has 59,126,224 warrants outstanding, with a weighted average exercise price of $0.20 and a weighted remaining contractual life of 1.32 years.
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Altamira Gold noted that officers and directors of the company exercised a total of 1,072,800 warrants for proceeds of $160,920. Of this total, the CEO of the company exercised a total of 672,800 warrants representing proceeds of $100,920, and the company's chairman exercised a total of 400,000 warrants representing proceeds of $60,000.
In connection with the exercise of the warrants, the CEO and the chairman sold 284,000 and 170,000 common shares respectively for proceeds of $102,458 and $61,320.
In a statement, Michael Bennett, Altamira Gold president & CEO commented: "We would like to thank our long-term shareholders, for supporting the Company through the process of exercising these warrants. The exercise of these warrants provides sufficient funds to ensure the completion of a well-financed exploration drill program well into 2022."
Altamira Gold is focused on the exploration and development of gold projects within western central Brazil. The company holds 8 projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10 million ounces of placer gold.
The company's advanced Cajueiro project has NI 43-101 resources of 5.66 million tons (Mt) at 1.02 grams per ton (g/t) gold for a total of 185,000 ounces in the Indicated Resource category and 12.66Mt at 1.26 g/t gold for a total of 515,000 ounces in the Inferred Resource category.
Contact the author at jon.hopkins@proactiveinvestors.com