Vancouver, BC – March 15, 2007, Altair Ventures Incorporated (“Altair”) (TSX-V: AVX). Altair is pleased to announce a non-brokered private placement of up to 1,666,667 Units at a price of $0.30 per Unit for gross proceeds of up to approximately $500,000.
Each Unit will consist of one common share and one common share purchase warrant, with each warrant entitling the subscriber 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 private placement 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 is greater than $1.00 per share for 20 consecutive days. These are the same terms as those applicable to the Units issued in connection with Altair’s brokered private placement for gross proceeds of $1,000,200 that closed on March 12, 2007.
The proceeds of the financing, coupled with the proceeds of the financing that closed on March 12, 2007, will be used to commence the recommended exploration program on the San Antonio Property in Chihuahua, Mexico, to explore further opportunities for the acquisition and development of additional properties, and for general working capital purposes.
The private placement is subject to compliance with applicable securities laws and the acceptance of the TSX Venture Exchange.
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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.