Altiplano Minerals Ltd. (TSXV:APN) (the “Company“) announces that it has completed the closing of the non-brokered private placement previously announced on January 13, 2017, which the Company increased by $500,000 to cover over-subscriptions. In result, the Company has closed the sale of 20,000,000 units at C$0.15 per Unit to raise C$3.0 million in gross proceeds. Each Unit consisted of one (1) common share and one (1) non-transferable share purchase warrant of the Company. Each Warrant is exercisable to acquire one (1) additional common share of the Company at an exercise price of $0.25 per share until February 27, 2019.
The Company also paid cash finders’ fees of $190,636.38 and issued 1,270,909 Warrants to certain arm’s length finders in connection with the Offering, representing 8.0% of the proceeds raised and 8.0% of the Units sold by such finders. Fort Capital Inc. acted as a capital markets advisor to the Company in connection to the private placement.
All of the securities issued pursuant to this Offering will have a hold period expiring on June 28, 2017. The net proceeds of the Offering will be used for the Company’s general working capital purposes.