Vancouver, BC – April 9, 2007, Altair Ventures Incorporated (“Altair”) (TSX-V: AVX). Altair is pleased to announce that, further to its news release of March 15, 2007, Altair has closed its non-brokered private placement consisting of 1,667,000 Units at a price of $0.30 per Unit for gross proceeds of $500,100.
Each Unit consists 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 has 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 common shares and any shares issuable upon the exercise of the warrants are subject to a four month hold period expiring on August 10, 2007.
Altair plans to use the proceeds of the financing, coupled with the proceeds of the financing that closed on March 12, 2007, to advance 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.
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
Certain statements included in this release are “forward-looking statements” within the meaning of Canadian securities legislation, relating to the proposed use of financing proceeds. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’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. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, a change in the use of proceeds, the volatility 2 of metal commodity prices, the possibility that exploration efforts will not yield economically recoverable quantities of mineralized material, accidents and other risks associated with mining exploration and development operations, the risk that the Company will encounter unanticipated geological factors, the Company’s need for and ability to obtain additional financing, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration and development plans, and the other risk factors discussed in greater detail in the Company’s various filings on SEDAR (www.sedar.com) with Canadian securities regulators.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.