TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - Alturas Minerals Corp. (the "Company" or "Alturas") (TSX VENTURE:ALT)(BVLAC:ALT) announces that it has accepted subscription forms from a non-brokered financing of $2,212,944.51 working capital. Funds raised will be used to advance exploration of the Company's Peru and Chile copper-gold mineral projects and for general working capital.
Alturas placed 10,537,831 working capital units of the Company at a price of $0.21 per unit, for gross proceeds of $2,212,944.51. Each unit (a "Unit") consisted of one common share of the Company and one-half of a share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire an additional common share at $0.32 until the date which is the earlier of: (i) twelve (12) months from the Closing Date or (ii) in the event that the closing price of the Common Shares on the TSX Venture Exchange ("TSXV") is at least $0.42 for ten (10) consecutive trading days, and the 10th trading day (the "Final Trading Day") is at least four (4) months from the Closing Date, the date which is thirty (30) days from the Final Trading Day (the "First Closing Date").
The Company paid finders' fees to Kallpa Securities S.A.B. ("Kallpa") of 6.0% of the funds raised and broker warrants equivalent to 6.0% of the units issued. Each brokers warrant would enable the holder to acquire common shares at a price of C$0.32 per share for a period twelve (12) months from Closing. The broker warrants will also be subject to the acceleration clause as stated above. Kallpa is a Lima-based corporation dedicated to equity and fixed income sales and trading and investment banking in general, and acted as the agent to offer Alturas' shares in Peru.
The securities are subject to a hold period and may not be traded until June 25, 2011 except as permitted by Canadian securities legislation and the TSX Venture Exchange.
Dr. Miguel Cardozo, President and CEO said "The $2.21 million financing adds to the $4.04 million private placement closed in November 2010 and gives Alturas an excellent financial position to aggressively progress the drill programs on two of its most advanced copper-gold projects, Utupara-Chapi Chapi and Sombrero and to continue systematic exploration work in a number of its other promising properties. After having recently signed a new 2-year agreement with the Huaquirca community, an environmental base line study has been completed in the Chapi Chapi area and geological-geophysical work is programmed to start in March, followed by 5,000 meters of drilling to be commenced at Chapi-Chapi by the end of May 2011.
About Alturas Minerals Corp.
Alturas is a Canadian corporation, which is the parent company of Alturas Minerals S.A. ("Alturas Peru") and Alturas Chile Ltda ("Alturas Chile"). Alturas' exploration strategy is focused on the discovery of large epithermal gold mineralized deposits and copper-gold porphyry/skarn deposits in Peru and Chile.
Alturas Peru has been actively exploring various mineral projects in Peru since January 2004. Alturas' properties include five drill-ready mineral exploration projects located in central and southern Peru, which includes the Chapi Chapi-Utupara Copper-Gold Project, the Sombrero Copper-Gold Project, the Ccaccapaqui Gold-Silver Project, Pampa Colorada and the Huajoto Gold-Silver-Zinc Project. In addition, Alturas Peru has interests in four other exploration projects in Peru. In Chile, Alturas has an option to acquire 100% of the La Corina copper-gold porphyry property in northern Chile.
For further information, please visit the Company's website at www.alturasminerals.com.
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Cautionary Language and Forward Looking Statements
This press release may contain "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian and Peruvian securities authoritiesThe TSX Venture Exchange and the Bolsa de Valores de Lima do not accept responsibility for the adequacy or accuracy of this release.