EDMONTON, Nov. 6, 2018 /CNW/ - Altiplano Metals Inc. (TSXV: APN) ("Altiplano" or the "Company") has arranged interim bridge loan financing (the "Loans") from various insiders and other private investors of the Company to raise a minimum of $100,000 and up to a maximum of $500,000.
Under the terms of the financing, the Loans will bear interest at 10% per annum and will be repayable by the Company one year after their date of advance (the "Maturity Date"). The Company expects to repay the Loans on the Maturity Date from cash flow generated from the Company's operations in Chile, conditional upon a positive production decision being made by the board in 2019.
As compensation to the lenders for the risk of repayment of the Loans, Altiplano will issue bonus common shares equal to 20% of the principal amount loaned by each lender at an issue price of $0.175 per share, or up to a maximum of 571,428, if the entire $500,000 is raised. The proceeds of the financing will be used to pay current trade payables of the Company and to fund the completion of the current exploration program, with any surplus to provide general working capital.
Altiplano Metals Inc. (APN: TSX‐V) is a mineral exploration company focused on evaluating and acquiring projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Additional information concerning Altiplano can be found on its website at www.apnmetals.com.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
President and CEO
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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
SOURCE Altiplano Metals Inc.
For further information: Jeremy Yaseniuk, Director, [email protected], Tel: (604) 773-1467