Vancouver, BC –November 15, 2010: Altair Ventures Incorporated (“Altair” or the “Company”) (TSX-V: AVX) is pleased to announce that, effective on November 12, 2010, it closed the first tranche (the “First Tranche Closing”) of the private placement first announced on October 12, 2010 and as amended by a news release on October 20, 2010 (the “Private Placement”). The Private Placement consists of the sale of up to 2,848,750 in Flow-Through Units (the “FT Units”) at $0.16 per FT Unit for gross proceeds of up to $455,800, and up to 6,640,000 million in nonflow through units (the “Units”) at $0.13 per Unit for gross proceeds of up to $863,200. The First Tranche Closing consisted of the sale of all of the 2,848,750 FT Units resulting in gross proceeds to the Company of $455,800 and 6,040,000 Units resulting in gross proceeds to the Company of $785,200. The TSX Venture Exchange has conditionally approved the closing of the Private Placement, subject to the filing of final documents.
Each FT Unit and each Unit consists of one common share (each a “Share”) and one-half of a common share purchase warrant (each full warrant a “Warrant”). Each Warrant included in the FT Units will entitle the holder to purchase one additional Share for $0.23 and each Warrant included in the Units will entitle the holder to purchase one additional Share for $0.20. All of the Warrants are exercisable for a period of twelve months from the closing date subject to the right of the Company to accelerate the expiry of the Warrants, if, during the term of the Warrants, the common shares of the Company close at a price at or above $0.35 per share for more than 20 consecutive trading days.
In connection with the First Tranche Closing, the Company paid finders’ fees of $37,996 in cash and 114,423 Units to seven persons acting as finders.
The Shares and any Shares issuable upon the exercise of the Warrants are subject to a four month hold period expiring on March 13, 2011.
The net proceeds of the Private Placement will be used by Altair to fund expenditures on the Prospect Valley Gold Property, located in southern British Columbia under Altair’s option agreement with Consolidated Spire Ventures Ltd. (TSX-V: CZS) and for general working capital purposes.
For further information please contact Justin Schroenn at 604 780 1371, fax at (604) 688-8309 or e-mail [email protected].
Altair Ventures Incorporated
Per: “Fayyaz Alimohamed”
Fayyaz Alimohamed, President & CEO
This news release contains certain “forward-looking statements”, within the meaning of Canadian securities legislation, relating to a private placement financing and the use of proceeds. Although Altair believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical fact. They are based on the beliefs, estimates and opinions of Altair’s management on the date the statements are made and they involve a number of risks and uncertainties.
Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Altair disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law and stock exchange policies.
Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: Altair’s inability to secure subscriptions from subscribers to complete the Private Placement in whole, a management decision to change the use of proceeds based on changing circumstances, Altair might encounter problems such as the significant depreciation of metals prices, accidents and other risks associated with mining exploration, the risk that Altair will encounter unanticipated geological factors, the possibility that Altair may not be able to secure permitting and other governmental clearances necessary to carry out Altair’s exploration plans, and the other risk factors discussed in greater detail in Altair’s various filings on SEDAR (www.sedar.com) with Canadian securities regulators.
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.
THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO US NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
THE SECURITIES TO BE ISSUED UNDER THE PRIVATE PLACEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (AS AMENDED) OR ANY STATE SECURITIES LAWS, AND UNLESS SO REGISTERED MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. THIS PRESS RELEASE IS ISSUED PURSUANT TO RULE 135(C) OF THE UNITED STATES SECURITIES ACT OF 1933 (AS AMENDED), AND DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.