Altair agreement for Caselton mill, Pan American mine

Altair Resources Inc (C:AVX)
Shares Issued 32,081,501
Last Close 4/25/2017 $0.325
Tuesday April 25 2017 – Property Agreement

The TSX Venture Exchange has accepted for filing an asset purchase agreement dated April 4, 2017, between the Altair Resources Inc.’s subsidiary, Altair Mining Inc., Combined Metals Reduction Company and related parties whereby the company has agreed to purchase the Caselton concentrator mill and the Pan American zinc mine located in the Comet Caselton mining district of Lincoln county, Nevada. The purchase price is $1.46-million (U.S.) in cash, of which $60,000 (U.S.) has been paid. The vendor will have a mortgage over the assets as security for the payment of the balance of $1.4-million (U.S.). The instalment payments are as follows:

  1. $100,000 (U.S.) on or before Sept. 15, 2017;
  2. $100,000 (U.S.) on or before Dec. 1, 2017;
  3. $1.2-million (U.S.) in even quarterly instalments of $100,000 (U.S.) beginning on Jan. 1, 2018, and bearing interest at 5 per cent per annum from Jan. 1, 2018, until paid in full.