Vancouver, BC – March 12, 2007, Altair Ventures Incorporated (“Altair”) (TSX-V: AVX.P). Altair is pleased to announce that, further to its news release of March 2, 2007, Altair has closed its Qualifying Transaction with Great Panther Resources Limited (“Great Panther”) (TSX: GPR) and its concurrent financing for gross proceeds of $1,000,200.
Under the terms of the option agreement Altair has been granted an option to earn a 70% interest in Great Panther’s San Antonio Property in Chihuahua, Mexico, with Great Panther remaining the operator during the option period. Altair may earn a 70% interest in the San Antonio Property by issuing 200,000 common shares, payments to Great Panther totaling US$200,000 (US$30,000 of which has already been paid) and incurring expenditures on the Property of US$1,000,000. Mr. Fayyaz Alimohamed, Altair’s President and Chief Executive Officer commented, “We are excited about the opportunity to partner with Great Panther and leverage Great Panther’s substantial operating expertise in Mexico. We look forward to beginning the first year work program on the San Antonio Property and in exploring the potential for San Antonio to host a significant gold-copper deposit”.
Altair also closed the brokered private placement announced on December 21, 2006. The private placement consisted of 3,333,999 Units at a price of $0.30 per Unit with each Unit consisting of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of Altair at a price of $0.50 for a period of two years following the issuance of the Units. Altair will have the right to accelerate the expiry of the warrants, if after four months and one day following the issuance of the Units, the daily volume weighted average trading price of Altair’s common shares on the TSX Venture Exchange (the “Exchange”) is greater than $1.00 per share for 20 consecutive days.
Canaccord Capital Corporation, the agent in the financing, received a 10% cash commission of the gross proceeds of the private placement. In addition, Canaccord received warrants in a number equal to 12% of the number of Units sold. Each warrant entitling Canaccord, on exercise, to purchase one additional common share of Altair at a price of $0.50 per share for a period of two years following the issuance of the Units. The common shares and any shares issuable upon the exercise of the warrants are subject to a four month hold period expiring on July 13, 2007.
Proceeds of the private placement will be primarily used for the execution of the option with Great Panther relating to the San Antonio Property as well as for general corporate purposes. Altair anticipates that its common shares will resume trading on the Exchange following the Exchange bulletin announcing completion of the Qualifying Transaction.
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
Completion of the above-described qualifying transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange requirements, majority of the minority shareholder approval. Where applicable, the qualifying transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the qualifying transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the qualifying transaction, any information released or received with respect to the qualifying transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.