VANCOUVER, BC / ACCESSWIRE / September 10, 2015 / Altiplano Minerals Ltd. (APN.V) ("APN" or the "Company") announces that it has entered into an amending agreement to the letter agreement dated and previously announced on August 24, 2015 (as revised, the "Agreement") to acquire all of the issued and outstanding shares of Demetra Minerals Inc. ("DMI").
The Agreement now provides for the Company (or alternatively, DMI) to raise up to $1.25 million prior to the Acquisition, pursuant to private placement financings of debt or equity, or some combination of both (the "Financings"). The Company may then advance up to $750,000 to DMI with interest at 12% per annum (the "Facility"), upon typical commercial security arrangements. The other terms for the acquisition of DMI (the "Acquisition") remain the same as previously announced. If the Acquisition is completed, the Facility will be repayable in two years or, if not, then one year from the date the Agreement is terminated.
Altiplano has also arranged a private placement of up to 10,000,000 units (collectively, the "Units") at $0.05 per Unit to raise up to $500,000 in gross proceeds. Each Unit will consist of one common share and one non-transferable share purchase warrant (collectively, the "Warrants"). Each Warrant will entitle the holder to purchase one additional common share of Altiplano at a price of $0.15 per share for a period of three (3) years from the closing date. Altiplano has agreed to pay a cash finder's fee to certain arm's length finders as permitted under the policies of the TSX Venture Exchange. Completion of this financing is subject to the delivery of definitive subscription agreements and the TSX Venture Exchange's acceptance. All of the securities issued pursuant to this offering will have a hold period expiring four months and a day after the closing date. Proceeds of this financing will be used primarily for loan advances to DMI under the proposed Facility and for general working capital purposes.
The Acquisition is subject to the delivery of a satisfactory NI 43-101 report on the Property, audited financial statements of DMI, formal documentation, approval of the shareholders of DMI to the amalgamation, approval of the directors of the Company, and the acceptance of the TSX Venture Exchange, among other conditions. The Facility is subject to the completion of the adequate financing and the acceptance of the TSX Venture Exchange, among other conditions. There can be no assurance that the proposed Acquisition will be concluded.
About Altiplano
Altiplano Minerals Ltd. (APN:TSXV) 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 successful track record of investing in undervalued assets, adding value through technical and market expertise, and delivering returns to shareholders. Altiplano is in the process of acquiring Demetra Minerals Inc., which indirectly holds a mining lease for a gypsum (calcium sulphate) deposit known as the Ana Sofia property, located in in Argentina, with the intent to supply the agri-minerals market in South America.