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Altamira Announces Closing of Upsized $6M Private Placement

07.11.2023  |  Newsfile

Vancouver, November 7, 2023 - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement, consisting of a total of 47,529,400 units (the "Units") at a price of $0.125 per Unit (the "Issue Price") for aggregate gross proceeds of $5,941,175 (the "Offering"). Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.20 per share for a period of 24 months from the closing of the Offering. The Offering was increased from the initial $2.5 million to $5.8 million and finally to $6 million in order to accommodate excess demand from subscribers.

Altamira is also pleased to announce that Aura Minerals Inc. ("Aura Minerals") has participated in the Offering and has now become an insider of the Company. Crescat Portfolio Management LLC ("Crescat") also participated in the Offering based on its pre-emptive rights.

Mike Bennett, President and CEO of Altamira commented, "We would like to thank all of our existing shareholders for their on-going support, and in particular Crescat, for both their financial and technical inputs. We would also like to welcome Aura Minerals to our shareholder register. Aura is a diversified and growing gold and copper producer and currently has four operating mines in Brazil, Mexico and Honduras. We believe this support is a testament to the recent results from our Cajueiro project, and in particular, our new intrusive-hosted Maria Bonita discovery located in the state of Para, Brazil."

In connection with the Offering, the Company paid to certain finders aggregate cash commission of $18,562.50, being up to 6% of the gross proceeds raised under the Offering from investors introduced to the Company by such finders, and an aggregate of 148,500 finder warrants, being equal to 6% of the Units sold under the Offering from investors introduced to the Company by such finders. Each finder's warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.20 per share for a period of 24 months from the closing of the Offering.

The Company expects to use the net proceeds of the Offering for follow-up drilling at its Maria Bonita intrusive-hosted gold discovery within the Cajueiro project, and at the Santa Helena project in Brazil, and for general working capital purposes.

All securities issued pursuant to the Offering are subject to a four-month hold period expiring on March 7, 2024 under Canadian securities laws and the policies of the TSX Venture Exchange ("TSXV"), as applicable.

The securities issued pursuant to the Offering have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements.

Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") the Company advises that certain subscribers under the Offering are considered to be a "related party" of the Company. Each subscription by a "related party" of the Company is considered to be a "related party transaction" for purposes of MI 61-101 and TSXV Policy 5.9 - Protection of Minority Security Holders in Special Transactions. The Company is relying on the exemptions from the formal valuation requirements contained in section 5.5(b) of MI 61-101 and the minority shareholder approval requirements contained in section 5.7(1) (a) of MI 61-101, as the Company is not listed on specified markets and the fair market value of the "related party" participation in the Offering does not exceed 25% of the Company's market capitalization, as determined in accordance with MI 61-101.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold and copper projects within western central Brazil. The Company holds 6 projects comprising approximately 198,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company's advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.

On Behalf of the Board of Directors,

Altamira Gold Corp.

"Michael Bennett"

Michael Bennett
President & CEO

Tel:+1 604.676.5661
info@altamiragold.com
www.altamiragold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements relating to the Offering and the use of proceeds. These statements are forward-looking in nature and, as a result, are subject to certain risks and uncertainties that include, but are not limited to, general economic, market and business conditions; receipt and timing of regulatory approvals; new legislation; potential delays or changes in plans; and the Company's ability execute and implement future plans. Actual results achieved may differ from the information provided herein and, consequently, readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this news release. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

Not for distribution to United States Newswire Services or for dissemination in the United States

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186477


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