Alturas Minerals plans C$4 million private placement as part of amalgamation with Iron Lake

By Sheri Kasprzak

New York, March 8 - Alturas Minerals Inc. said it intends to raise C$4 million in a private placement as part of its amalgamation with Iron Lake Minerals Inc.

The pricing terms of the offering have not yet been determined, but the company plans to sell special warrants exchangeable for units of one share and one half-share warrant upon closing of the amalgamation.

Each whole warrant will be exercisable for two years.

A syndicate of agents led by Paradigm Capital Inc. and including Dundee Securities Corp. has a greenshoe for up to C$2 million in special warrants.

The deal is expected to close March 30.

Proceeds will be used for exploration on the company's Peruvian gold and copper-gold properties and for working capital.

Based in Penetang, Ont., Alturas is a mineral exploration company.

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