Altair Provides Corporate Update
Altair Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA – October 23rd, 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, provides this update on ongoing corporate activities.
The Company continues to work on its compliance action plan to rapidly bring current its outstanding filings.
Those filings being its March 31 st, 2020 annual audited and June 30th, 2020 interim financial statements and
related MD&As and officer certifications . The board of directors has engaged Dale Matheson Carr -Hilton
Labonte LLP (DMCL) chartered professional accountants as its auditors. Excellent progress has been made
and the Company is confident all filings will be made current on or about November 6th, 2020 and that the
cease trade order issued on September 18, 2020 (the “CTO”) will be lifted shortly thereafter. To enable the
Company to deal with its filing obligations, today it has made an application to the British Columbia Securities
Commission and the Ontario Securities Commission seeking a partial revocation of the CTO to allow it to close
on a portion ($188,000) of its previously announced financing. The Company announced on July 30, 2020, and
prior to the issuance of the CTO, a private placement financing of up to $250,000 consisting of 10 million units
at $0.025 per unit.
Certain directors and officers of the Company may participate in the private placement and their participation
will constitute related party transactions pursuant to Multilateral Instrument 61-101 – Protection of Minority
Security Holders in Special Transactions (“MI 61-101”). The Company will be exempt from the requirements
to obtain a formal valuation or minority shareholder approval in connection with the participation of the
aforementioned insiders in the private placement in reliance on the exemptions contained in sections 5.5(b)
and 5.7(1)(b) of MI 61 -101, respectively. The Company will obtain approv al by its board of directors to the
private placement, with the participating directors of Company declaring and abstaining from voting on the
resolutions with respect to their participation in the private placement.
The Company is looking ahead to its recommencement of trading and has been preparing for subsequent
business developments. The Company has been reviewing opportunities for acquisition of resource
properties. At this time its focus is primarily on opportunities in Kazakhstan and Tajikistan and it has initiated
due diligence on a number of opportunities identified as possible acquisition targets. The Company has
retained Mr. Barry Davis, BSc, MSc MAusIMM, MAIG, with 36 years’ experience in the in ternational mining
industry, including 23 years working on the Central Asia Orogenic Zone (Western China, Kazakhstan,
Uzbekistan) to review the opportunities presented to the Company.
In addition, the Company is pleased to announce the appointment of Mr. Vincent Spinelli to the board of
directors. Mr. Spinelli, B.A.Sc. in Mechanical Engineering, is a mineral extraction industry executive with 35
years of broad international experience managing billion-dollar companies in rapidly changing and emerging
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markets with decades of experience in the Former Soviet Union, including Kazakhstan. He has a proven track
record in operational turnarounds, environmental and social corporate governance, and IPO preparation. Mr.
Spinelli received an award of high recognition from the President of Kazakhstan for outstanding contributions
made in the Oil &Gas industry. Mr. Spinelli is fluent in Russian, English, and Italian.
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 here of 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 t his press release. All forward -looking statements contained in this press release are
expressly qualified by this cautionary statement.