Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF), (“Altamira” or the “Company”) today announced that the Executive Team (the “Team”) of the Company have agreed to receive 50% of their future salary payments in shares of Altamira rather than cash in order to preserve working capital in the Company. The arrangement is subject to the approval of the TSX and is effective for payments due from November 30, 2018 through to March 31, 2019.
The Team’s willingness to forgo 50% cash salary in favour of shares demonstrates their confidence in the long-term performance of Altamira and their ongoing commitment to remain aligned with the interests of its shareholders. For the month of November, the Company has agreed to issue 339,286 common shares at a deemed price of $0.056 per common share pursuant to this arrangement. As Alan Carter, Michael Bennett and Michael O’Brien are directors and/or officers of the Company, their participation in the issuance of 227,679 common shares pursuant to this arrangement in the month of November will constitute a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(b) of that instrument.
The Company is also pleased to announce the appointment of Sean Kingsley as Manager, Corporate Communications. Mr. Kingsley has over 12 years’ experience within the mineral exploration and mining sector. He specializes in corporate communications, strategic marketing, investor relations and capital raising. He served as Chairman on the Association for Mineral Exploration’s (AME) Communications & Marketing Committee and remains as Vice-Chair. He also sits on the Executive, Advisory & Finance Committee for the Centre of Training Excellence in Mining (CTEM).
About Altamira Gold Corp.
The Company is focused on the exploration and development of gold deposits within western central Brazil. The Company holds 12 projects comprising approximately 200,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company’s advanced Cajueiro project has an NI 43-101 compliant resources of 8.64Mt @ 0.78 g/t Au (for 214,000oz) in the Indicated Resource category and 9.53Mt @ 0.66 g/t Au (for 204,000oz) in the Inferred Resource category and an additional 1.37Mt @ 1.61 g/t Au in oxides (for 79,000oz in saprolite) in the Inferred Resource category.
On Behalf of the Board of Directors,
ALTAMIRA GOLD CORP.
President & CEO
Neither TSX Venture Exchange nor it 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.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Except as required by law, we do not undertake to update these forward-looking statements.