October 9th, 2015
Vancouver, British Columbia
Altair Gold Inc. (“Altair”) -AVX: TSX-V.
Mr. Zahir (Zip) Dhanani, CEO& Chairman of Altair, is pleased to announce, Altair has closed the second and final tranche of its previously announced non-brokered private placement (news release dated July 17, 2015).
The second and final tranche of the private placement consisted of the issuance of 6,100,000 units (the “Units”) at a price of $0.05 per Unit for gross proceeds of 305,000(the “Second and Final Tranche”). Each Unit consists of one common share of the Company (a “Share”) and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.07 until October 8th, 2020 (Second and Final Tranche).
In connection with the Second and Final Tranche, the Company paid certain finder’s fees: 340,000 common shares (the “Finder’s Shares), and 340,000 purchase warrants (the “Finder’s Warrants”). Each Finder’s Warrant entitles the holder to purchase one additional common share at a price of $0.07 until October 8, 2017.
The securities issued under the Second and Final Tranche are subject to a hold period expiring on February 9th 2016,respectively.
The Second and Final Tranche of the private placement consisted of Zip Dhanani, Chief Executive Officer, purchasing 1,500,000 units.Combining all tranches of the financing, the company issued a total of 13,300,000 Unitsfor gross proceeds of $665,000, and finder’s fees totalling up to: 1,060,000 common shares (the “Finder’s Shares), and 1,060,000 purchase warrants (the “Finder’s Warrants”).
The net proceeds of the financing will be applied to the company’s potential acquisitions and general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS
Zahir Dhanani, CEO
For further information, contact Zahir Dhanani at 604.248.5175 or via email at [email protected]
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.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES