Altair Provides Private Placement Update
Vancouver, British Columbia – March 25, 2022: ALTAIR RESOURCES INC. (“ALTAIR” or the Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W2004; WKN: WKN A2ALMP) Mr. George S. Young, Chairman & CEO, announces that further to the Company’s news release dated August 30, 2021, the Company has completed further closings to its non-brokered private placement financing (the “Private Placement”) announced on July 12th , as amended July 13th, 2021. Altair has issued, in aggregate, an additional 3,533,180 units (each, a “Unit”) of the Company, at a price of CDN$0.11 per Unit, with each Unit comprising one common share (a “Share”) and one share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase an additional common share at a price of CDN$0.18 for a period of one year from the closing.
In aggregate, the Company has now issued 20,664,251 Units for gross proceeds of $2,273,067, the proceeds are being used to fund costs related to the acquisition of two gold properties in Kazakhstan including the exclusivity payment of US$1 million, transaction costs including due diligence, filing fees, legal fees and technical report fees and for general working capital. All securities issued are subject to a hold period expiring four months plus a day from the date of closing. No finder’s fees were paid.
The Company continues to work on this placement and anticipates additional closings for this financing such that all 25,000,000 units will be issued.
About Altair Resources Inc.
Altair Resources’ (TSX.V: AVX) primary focus is developing the Marbera project, Burkina Faso’s newest gold mine development opportunity. Marbera has a historical resource of 1.388 million ounces of gold at a grade of 0.95 g/t (0.5 gram cut off). An updated 43-101 compliant resource estimate is underway and will be completed in Q2 of 2022. A PEA and Feasibility Study will commence immediately after.
Burkina Faso is 2nd in gold production in West Africa with four major mining companies operating successfully and 15 gold mines that have reached production. In addition, Altair shareholders own an option to acquire two producing gold mines in Kazakhstan.
For further information:
George S. Young
Chairman, CEO, Altair Resources Inc.
+1 (806) 886- 3317 [email protected] , www.altairresources.com
Neither 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.
Altair Resources Inc.
#1305 – 1090 W. Georgia Street, Vancouver, BC V6E 3V7 Canada
Forward-Looking Statements:
This press release contains forward-looking statements with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements.
Generally forward-looking statements can be identified by the use of terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”, “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the completion of the private placement and the Company receiving regulatory approval to the partial revocation order. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the Company receiving regulatory approval to the private placement and the partial revocation order application.
The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.