Altair Closes Non-Brokered Private Placement Financing
VANCOUVER, BRITISH COLUMBIA – November 24th, 2020: ALTAIR RESOURCES INC. (“Altair” or the “Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) Mr. Jeffrey Steiner, on behalf of the Board, is pleased to announce the closing of the Company’s non-brokered private placement financing (the “Private Placement”) announced on July 30th, as updated on October 23rd and November 16th, 2020. Altair issued 9,220,000 units (each, a “Unit”) of the Company, at a price of CDN$0.025 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$0.05 for a period of two years from the closing of the Private Placement. The proceeds will be used for general working capital. All securities issued will be subject to a four month hold period from the date of closing. No finder’s fees were paid.
Related Party Transaction
Certain directors of the Company participated in the Private Placement and purchased an aggregate of 2,720,000 Units for aggregate gross proceeds of CDN$68,000. The participation in the Private Placement by the directors of the Company constitutes related party transactions pursuant to Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the participation in the Private Placement in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the transaction does not exceed 25% of the Company’s market capitalization. The Company did not file a material change report containing all of the disclosure required by MI 61-101 more than 21 days before the expected closing date of the Private Placement as the aforementioned insider participation had not been confirmed at that time and the Company wished to close the Private Placement as expeditiously as possible.
ON BEHALF OF THE BOARD,
"Jeffrey Steiner"
Jeffrey Steiner, Board Chair and Interim President & CEO
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.
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.