Altair Resources – Closing of Private Placement
Altair Resources – Closing of Private Placement
VANCOUVER, BRITISH COLUMBIA – July 17, 2019: ALTAIR RESOURCES INC. (“Altair” or the
“Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP ) Mr. Harold
(Roy) Shipes, Chairman and CEO, is pleased to announce that further to the Company’s news releases
dated June 7, 2019, April 10, 2019 and February 25, 2019, the Company, having received all necessary
regulatory approvals, has completed the closing of the final tranche of its no n-brokered private
placement financing by issuing 6,600,000 units (the “Units”) of the Company, at a price of $0. 05 per
Unit, for gross proceeds of $ 330,000. Each Unit comprised one common share and one common share
purchase warrant (a “Warrant”). Each W arrant entitles the holder to purchase an additional common
share of the Company at a price of $0.06 per share for a period of three years from closing.
All securities issued have a hold period of four months plus a day from the date of issuance. Proceeds of
this financing were used for working capital.
The Company also announces that Maleksultan Dhanani (“Mrs. Dhanani”) and Zahir Dhanani (“Mr.
Dhanani”) have acquired shares in the Company by way of their participation in the above private
placement. Mrs. Dhanani is the mother of Mr. Dhanani and they are joint actors for reporting purposes.
Mrs. Dhanani now owns 6,604,000 common shares of the Company as well as 5,133,333 warrants
entitling her to purchase additional common shares. On deemed exer cise of these warrants Mrs.
Dhanani will hold in aggregate 11,737,333 common shares, representing approximately 42.86 % of the
issued and outstanding common shares. Mr. Dhanani now owns 2,066,150 common shares of the
Company as well as 2,344,833 warrants and 200,000 stock options entitling him to purchase additional
common shares. On deemed exercise of these warrants and options Mr. Dhanani will hold in aggregate
4,610,983 common shares, representing approximately 16.83 % of the issued and outstanding common
shares. Mrs. Dhanani and Mr. Dhanani hold these securities for investment purposes and may,
depending on market and other conditions, acquire additional common shares through market
transactions or otherwise, or may sell all or some of the common shares w hich she or he owns or
controls. Shareholder approval to this creation of a control block was received on April 12, 2019.
ON BEHALF OF THE BOARD,
“Harold Shipes”
Harold Shipes, Chairman & CEO
Neither TSX Venture Exchange nor its Regulation Services P rovider (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 Statement Caution
Certain information contained in this news release constitutes “forward -looking information” or “forward -looking statements”
(collectively, “forward -looking information”). Without limiting the foregoing, such forward- looking information includes
statements regarding the TSX Venture Exchange’s approval of the sale of Altair Mining Inc . There can be no assurance that the
Company will proceed to satisfy the conditions necessary to complete the acquisition of the Plant, including obtaining legal title
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to the Plant and completing the cash payment and the issuance of the Consideration Shares. In this news release, words such as
“may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and
the negative form thereof are used to identify forward looking information. Forward looking information should not be read as
guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by
which, such future performance will be achieved. Forward- looking information is based on information available at the time
and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. For additional
information with respect to these and other factors and assumptions underlying the forward- looking information made in this
news release, see the Company’ s most recent Management’s Discussion and Analysis and financial statements and other
documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein.
Such documents are available at www.sedar.com under the Company’s profile and on the Company’s website,
http://www.altairresources.com/. The forward-looking information set forth herein reflects the Compan y’s expectations as at
the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to
update or revise any forward- looking information, whether as a result of new information, future events or o therwise, other
than as required by law.