VANCOUVER, BRITISH COLUMBIA – June 21, 2019: ALTAIR RESOURCES INC. (the “Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) Mr. Harold (Roy) Shipes, Chairman and CEO of the Company, is pleased to announce that further to the Company’s press release dated February 22, 2019, the Company has completed the sale of its wholly owned U.S. subsidiary, Altair Mining Inc. (the “Subsidiary”), to International Silver, Inc. (“ISLV”). The sale of the Subsidiary to ISLV was approved by the disinterested shareholders of the Company at a special meeting of the shareholders of the Company held on April 12, 2019.
Under the terms of a share purchase agreement dated February 21, 2019 between the Company and ISLV, the Company agreed to sell the Subsidiary to ISLV for the following consideration: (a) the issuance of 5,000,000 shares in the capital of ISLV, (b) a grant of a 2% net smelter royalty on the future production of the Prince Mine and Pan American Project, and (c) ISLV assuming a debt of the Company in the approximate amount of $220,000 and liabilities and obligations of the Company and the Subsidiary under certain agreements.
The board of directors of the Company has determined that the disposition of the Subsidiary is in the best interests of the Company at this time as the sale will eliminate significant debt from the balance sheet of the Company and also eliminate significant commitments and contingencies related to the acquisitions of the Prince Mine and Pan American Project.
ON BEHALF OF THE BOARD,
Harold Shipes, Chairman & CEO