Vancouver, BC – July 16, 2014: Altair Gold Inc. (“Altair”) (TSX-V: AVX) confirms that it has closed the non-brokered private placement of up to 9,000,000 units first announced on April 17, 2014 (the “Offering”) with total sales of 8,400,000 units (the “Units”) and net proceeds of $420,000 realized from the Offering. The Offering closed in three separate tranches as follows:
Each Unit consists of one common share (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional Share for $0.10 per Share. All of the Warrants are exercisable for a period of five years from the applicable closing date, subject to the right of the Company to accelerate the expiry of the Warrants, if, during the term of the Warrants, the common shares of the Company close at a price of or above $0.20 per share for more than 20 consecutive trading days.
| Closing Date | Units Sold | Net Proceeds | Hold Period Expiry Date: |
|---|---|---|---|
| April 30, 2014 | 4,000,000 | $200,000 | August 31, 2014 |
| June 30, 2014 | 2,000,000 | $100,000 | October 31, 2014 |
| July 7, 2014 | 2,400,000 | $120,000 | November 8, 2014 |
In connection with the Offering, Altair issued at total of 840,000 finder’s fee shares and 840,000 finder’s fee warrants, each finder’s fee warrant is exercisable to purchase one Share at a price of $0.10 per Share for a period of five years from the applicable Closing Date.
The net proceeds of the Offering will be used by Altair to fund obligations related to the Kena Property, located in southern British Columbia under Altair’s option agreement with Sultan Minerals Ltd., and for general working capital purposes.
The TSX Venture Exchange has provided final acceptance of the Offering.
For further information please contact Fayyaz Alimohamed at 604 999 4456, or by e-mail at [email protected].
Altair Ventures Incorporated
Per: “Fayyaz Alimohamed”
Fayyaz Alimohamed, President & CEO
Forward-Looking Statement Caution
This news release contains certain “forward-looking statements”, within the meaning of Canadian securities legislation, relating to the proposed Offering 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 forward-looking 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 decision by Altair’s management to change the use of proceeds based on changing circumstances, Altair’s inability to obtain the TSX Venture Exchange final approval required to complete the Offering, 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 the 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 release.
