TSX.V: AMO
VANCOUVER,
Oct. 17, 2012 /CNW/ - Altan Rio
Minerals Limited, TSX.V: AMO
("Altan Rio" or the
"Company") has closed the previously announced private
placement financing of 4,000,000 common share units (the
"units") at a price of CA$0.25 per unit for gross proceeds
of CA$1,000,000 (the "offering"). Each unit consists of one
common share and one-half of one common share purchase warrant.
Each whole warrant entitles the holder to acquire one common share
of Altan Rio for a period of two
years from the closing date, October
17th, 2012, at a price of CA$0.50 per share. The
warrants are issued subject to an accelerated exercise provision
that can be triggered at Altan Rio's option if the closing price of
the Company's common shares on the TSX.V is CA$1.10 or higher for
30 consecutive trading days. All securities issued under the
offering are subject to a four-month hold period which expires on
February 18th, 2013. The
financing remains subject to regulatory approval.
The proceeds of the offering will be used for
targeted drilling at the Company's Chandman-Yol project, other
exploration in Mongolia, and
general working capital.
About Altan
Rio
Altan Rio, founded in 2007, is based
in Vancouver BC, Canada. Using innovative exploration targeting
techniques and leveraging long-term in-country experience, the
company explores large-scale gold and copper projects in
Mongolia, one of the world's most
prospective mineral regions. The Company's license holdings in
Mongolia, which total more than
153,310 hectares (378,873 acres), contain significant zones of
newly identified primary gold and copper mineralization across a
large area of unexplored ground.
On behalf of Altan Rio Minerals Limited,
"Evan Jones"
Evan Jones,
President & CEO
This press release may contain forward
looking statements including those describing Altan Rio's future plans and the expectations of
management that a stated result or condition will occur. Any
statement addressing future events or conditions necessarily
involves inherent risk and uncertainty. Actual results can differ
materially from those anticipated by management at the time of
writing due to many factors, the majority of which are beyond the
control of Altan Rio and its
management.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Altan Rio Minerals Limited