TSX.V: AMO

VANCOUVER, April 28, 2014 /CNW/ - Altan Rio Minerals Limited ("Altan Rio" or the "Company") announces that it has now closed the debt settlement originally announced February 20, 2014. Pursuant to the settlement, the Company has issued a total of 20,346,555 common shares to settle debt in the total sum of $1,424,258.90 at a deemed price of $0.07 per share. Debt in the sum of $5,000 that was originally contemplated in the February 20, 2014 news release was not settled for shares, resulting in a net reduction of 71,428 shares from the number originally announced. The 20,346,555 shares so issued are subject to a hold period of four months plus a day, expiring August 29, 2014.

Evan Jones, a director, the President and CEO, and a greater than 10% shareholder of the Company, participated in the debt settlement by settling debt in the amount of $21,450.07 in respect of which he received 306,429 common shares of the Company. 0809979 B.C. Ltd. ("BC Ltd.") a private company under the control and direction of Mr. Jones and wholly owned by a trust of which Mr. Jones is a beneficiary, participated in the debt settlement by settling debt in the amount of $717,996.41 in respect of which it received 10,257,091 common shares of the Company. As Mr. Jones owned 15,539,819 common shares of the Company prior to the debt settlement, representing approximately 29.82% of the then issued and outstanding shares, Mr. Jones now has ownership or control or direction over a total of 26,103,339 common shares, representing approximately 36.03% of the issued and outstanding common shares of the Company.

Kelly Cluer, a director of the Company, also participated in the debt settlement by settling debt in the total amount of $26,812.50 in respect of which he received a total of 383,035 common shares of the Company. As Mr. Cluer owned 1,890,146 common shares of the Company prior to the debt settlement, representing approximately 3.63% of the then issued shares, his total shareholding in the Company is now 2,273,181 common shares, representing approximately 3.14% of the issued and outstanding common shares of the Company.

Completion of the debt settlement transaction was a pre-condition to the Company's previously announced private placement of common shares with the European Bank for Reconstruction and Development ("EBRD"), originally announced January 8 and February 20, 2014.  Now that the debt settlement transaction has been completed, the Company anticipates that, subject to receipt of final approval from the TSX Venture Exchange and completion of other standard closing conditions, the private placement with EBRD will close in the first half of May, 2014. Under the private placement, EBRD will purchase 16,666,600 common shares of the Company at $0.06 per share.

AMENDMENT TO PREVIOUSLY ANNOUNCED STOCK OPTIONS

On February 20, 2014, the Company announced the granting of stock options on 1,420,000 common shares of the Company to directors, officers, employees and consultants, exercisable for five years at an exercise price of $0.10 per share. The number of shares on which options have been granted has been amended to 1,450,000 shares and the exercise price of the options has been amended to $0.12 per share. Certain of the options, granted to key management and personnel, will be subject to vesting provisions over the next two years, tied to certain key performance indicators relative to exploration of the Company's key Mongolian properties.

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 103,341 hectares (255,361 acres), contain significant zones of newly identified primary gold and copper mineralization across a very 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

Copyright 2014 Canada NewsWire

Altan Rio Minerals (TSXV:AMO)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024 Click aqui para mais gráficos Altan Rio Minerals.
Altan Rio Minerals (TSXV:AMO)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024 Click aqui para mais gráficos Altan Rio Minerals.