Alta Vista Ventures (CVE:AVV) said it has received approval from the TSX Venture Exchange for its $300,000 private placement financing announced earlier this month, the proceeds of which will be used for general working capital and its portfolio of projects. Shares soared nearly 86% on the back of the news, to 13 Canadian cents.
The company said it would issue 6.0 million units at a price of 5 cents apiece. Each unit will be made up of one common share and one share purchase warrant, which entitles the holder to purchase an additional share at a price of 7.5 cents until May 30, 2015.
According to Alta Vista's statement, president and director Ian Foreman paricipated in the latest placement, acquiring 1.3 million units and increasing his stake to nearly 15% of the company.
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 in May completed a share consolidation on a 2:1 basis, leaving the company with a total of 5.1 million shares issued and outstanding.