VANCOUVER, Sept. 12, 2012 /CNW/ - Altan Rio Minerals Limited, (TSXV: AMO) ("Altan Rio" or the "Company") announces a private placement financing of up to 4,000,000 common share units at a price of CA$0.25 per unit for gross proceeds of up to CA$1,000,000. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of Altan Rio for a period of two years from the closing date at a price of CA$0.50 per share. The warrants are issued subject to an accelerated exercise clause 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 will be subject to a four-month hold period. The financing is subject to regulatory approval. Finder's fees may be payable on a portion of the financing.
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 very large area of unexplored ground.
On behalf of Altan Rio Minerals Limited,
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
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