The placement will be made up of 6 million units at 5 cents apiece. Each unit will consist of one common share and one share purchase warrant, with every warrant good for an additional share at a price of 7.5 cents for one year.
The company said proceeds would be used for ongoing work programs at its portfolio of properties and on general working capital needs.
The financing still needs the approval of the TSX Venture Exchange.
Alta Vista, in common with other explorers, identifies and acquires properties that it feels exhibit high potential, and then compiles data and performs first pass confirmatory exploration, advancing its assets – ideally to drill-ready stage. From here, it deviates from the common path of junior explorers by bringing in a partner that earns an interest in the project by providing funding for further exploration.
Last month, the company said that its partner on its Carol project in Mexico, Tosca Mining, has entered into a contract with Layne De Mexico to undertake a drill program on the property. Drilling was expected to begin at the end of April. The initial campaign, which will be the first ever drill program on the property, will consist of 5 to 7 holes, totaling 500 to 700 metres.
The property is located about 4 km from the Piedras Verdes porphyry deposit, Mexico's third largest copper producer at more than 70 million pounds per year.
Alta Vista also last week completed a share consolidation on a 2:1 basis, leaving the company with a total of 5.1 million shares issued and outstanding. Shares were trading at 5.5 cents on Tuesday afternoon.