Altiplano Announces Repayment of Loan Liability and Accelerates Outstanding Warrants
Edmonton, Alberta--(Newsfile Corp. - March 25, 2021) - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to announce that it has accelerated and fully repaid $800,000 in outstanding loans payable to certain arm's length investors of the Company pursuant to a debt financing that closed on March 24, 2020 (the "Debt Financing"). In addition, the Company has made the final installment payment of $100,000 to Comet Exploration Ltd., thus eliminating the 10% net profits interest ("NPI") due to Comet from profits derived from APN's Chilean projects (see press release dated April 16, 2020).
CEO Alastair McIntyre comments, "I am pleased to report the Debt Financing loans and NPI agreements are off of the Company books earlier than expected. The expiry of these obligations is very positive for the Company as they strengthen our balance sheet and improve future cash flows. The final payment on the NPI has the net benefit of removing $1.3 million in future payment obligations and, combined with the expiry of the future payments on the loans, provides the Company the opportunity to re-invest in current operations and to provide liquidity and flexibility for additional acquisitions."
Further, the Company announces it has elected to accelerate the expiry date of 6,500,000 warrants outstanding, originally issued as part of the Debt Financing which were originally set to expire on March 24, 2023. Under the terms of the warrants, APN is permitted to accelerate their expiry date if the closing price for the Company's common shares as traded on the TSX Venture Exchange is equal to or greater than $0.20 per share for any 10 consecutive trading days. Accordingly, APN has chosen to accelerate the expiry date of the warrants to April 26, 2021.
Altiplano Metals Inc. (TSXV: APN) is a Canadian mining company focused on the acquisition and development of near-term cash flowing assets and exploration projects of significant scale. Altiplano's goal is to grow into a mid-tier producer of copper, gold and silver with immediate plans of generating profits from three cash flowing projects in 2021. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.
Altiplano is part of the Metals Group of companies, managed by an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
For further information, please contact:
Jeremy Yaseniuk, Director
Tel: (604) 773-1467
Neither the TSX Venture Exchange nor its 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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
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