Alturas Minerals Corp.

Alturas Minerals Corp.

March 05, 2010 09:28 ET

Alturas Announces Closing of First Tranche of Financing

TORONTO, ONTARIO--(Marketwire - March 5, 2010) - Alturas Minerals Corp. (the "Company") (TSX VENTURE:ALT)(BVLAC:ALT) today announced that it has accepted subscription forms from the first tranche of a non-brokered financing of C$538,857.43 working capital units. Funds raised will be used to advance exploration of the Company´s Chile and Peru mineral projects and for general working capital.

Alturas placed 5,672,182 working capital units of the Company at a price of C$0.095 per unit, for gross proceeds of C$538,857.43. Each unit (a "Unit") consisted of one common share of the Company and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire an additional common share at C$0.12 for a period of one year following closing and at C$0.24 in the second year following closing. 

The Company paid finders' fees to certain individuals of 7.5% of funds raised and issued broker warrants to those individuals equivalent to 7.5% of the units issued. Each brokers warrant would enable the holder to acquire common shares at a price of C$0.095 per share for a period two (2) years from Closing.

Securities issued pursuant to the above referenced private placements are legended and restricted from trading until July 5, 2010. 

Insiders of the Company subscribed for 428,000 Units for gross proceeds of C$40,660. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to insiders does not exceed 25% of its market capitalization.

The Company plans to leave the offering open until March 31st and may place up to a further 25,906,765 Units for up to a further C$2,461,142.57.

In addition to the offering discussed herein, the Company has contacted Equinox Minerals Limited to discuss the possibility of settling its outstanding debt. These negotiations are ongoing but the Company is targeting reaching an understanding by the end of the quarter.

About Alturas Minerals Corp.

Alturas is a Canadian corporation, and is the parent of Alturas Minerals S.A. ("Alturas Peru"). Alturas Peru has been actively exploring various mineral projects in Peru since January 2004. Alturas' properties include four drill-ready mineral exploration projects located in central and southern Peru, which includes the Chapi Chapi-Utupara Copper-Gold Project, the Sombrero Copper-Gold Project, the Ccaccapaqui Gold-Silver Project and the Huajoto Gold-Silver-Zinc Project. In addition, Alturas Peru has interests in four other exploration projects in Peru. Alturas' exploration strategy is focused on the discovery of large epithermal gold mineralized deposits and copper-gold porphyry/skarn deposits in Peru and Chile. For further information, please visit the Company's website at

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Cautionary Language and Forward Looking Statements

This press release may contain "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian securities authorities

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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