June 30, 2017 – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF), formerly Equitas Resources Corp. (“Altamira” or the “Company”) is pleased to announce that it the TSX Venture Exchange has accepted for filing the Company’s proposal to issue 175,718 common shares (“Shares”) at a deemed price of $0.18 per Share to settle outstanding debts totaling $31,629.24.
The securities issued pursuant to the shares for debt settlement will be subject to a four month plus one day hold period expiring on October 30, 2017 in accordance with the policies of the TSX Venture Exchange and applicable securities law. 133,333 of these Shares have been issued to a non-arm’s length creditor.
The Company also announces that it has granted 1,015,000 stock options to directors, consultants, and officers of the Company. The stock options are exercisable for a term of five years at an exercise price of $0.28 per common share under the terms of the Company’s Stock Option Plan.
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 @ 0.77 g/t Au (for 214,000oz) in the Indicated Resource category and 9.53Mt @ 0.66 g/t Au (for 282,000oz) in the Inferred Resource category and an additional 1.37Mt @ 1.78 g/t Au in oxides (for 78,400oz in saprolite) in the Inferred Resource category.
On Behalf of the Board of Directors,
ALTAMIRA GOLD CORP.
President & CEO
With certain debts owing to management and certain directors of the Company being settled pursuant to the Debt Settlement, their participation in the Debt Settlement will be considered to be a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and Policy 5.9 – Protection of Minority Security Holders in Special Transactions of the TSX Venture Exchange. The Company is relying on an exemption available from the formal valuation and minority shareholder approval requirements under Section 5.5(a) and Section 5.7(a) of MI 61-101 on the basis that the fair market value of the transactions with the insiders do not exceed 25% of the Company’s market capitalization.
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.