Vancouver, BC – August 9, 2010: Altair Ventures Incorporated (“Altair” or the “Company”) (TSX-V: AVX) is pleased to announce that on August 6, 2010 it closed its non-brokered private placement financing first announced on June 2, 2010. This closing consisted of a total of 2,500,000 units (the “Units”) at $0.10 per Unit for gross proceeds of $250,000 (the “Offering”). Each Unit consists of one common share and one-half of a common share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share for $0.15. All of the warrants will be exercisable for a period of twelve months from the closing date of the Offering. In connection with the Offering, the Company paid a cash finder’s fee of $17,500.
The TSX Venture Exchange has conditionally accepted the Offering subject to the filing of final documents. None of the securities distributed under the Offering may be traded on the TSX Venture Exchange or otherwise sold in Canada or to or for the benefit of a resident of Canada before December 7, 2010 unless permitted under Canadian securities legislation and the rules of the TSX Venture Exchange.
The net proceeds of the Offering 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. and for general working capital purposes.
For further information please contact Fayyaz Alimohamed at (604) 641-1305, fax at (604) 688-8309 or e-mail [email protected]
ON BEHALF OF THE BOARD
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 proposed 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 forwardlooking 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: 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 News Release.