Vancouver, British Columbia – August 30th, 2021: ALTAIR RESOURCES INC. (“ALTAIR” or the Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W2004; WKN: WKN A2ALMP) – Mr. George S. Young, Chairman & CEO, is pleased to announce a further closing of the Company’s non-brokered private placement financing (the “Private Placement”) announced on July 12th as amended July 13th. In this closing Altair has issued an additional 2,059,090 units (each, a “Unit”) of the Company, at a price of CDN$0.11 per Unit, with each Unit comprising one common share (a “Share”) and one share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase an additional common share at a price of CDN$0.18 for a period of one year from the closing.
In aggregate, considering the closing announced July 30th, the Company has now issued 17,131,071 Units for gross proceeds of $1,884,418, the proceeds are being used to fund costs related to the acquisition of two gold properties in Kazakhstan including the exclusivity payment of US$1 million, transaction costs including due diligence, filing fees, legal fees and technical report fees and for general working capital. All securities issued are subject to a hold period expiring four months plus a day from the date of closing. No finder’s fees were paid.
The Company continues to work on this placement and additional closings for this financing are expected.
About Altair Resources Inc.
Altair is a gold and precious metal exploration company. Altair recently announced the signing of a binding agreement for the purchase of the Marbera 2 permits in Burkina Faso, hosting historic resources of over 1.3 million ounces of gold as shown by over 387,000 metres of drilling and 294,000 samples.
The Company also recently announced an agreement for the acquisition of two gold-producing properties in Kazakhstan containing a total historic indicated resource of 947,900 ounces of gold, open pit and underground, and a total historic inferred resource of 892,600 oz of gold, open pit and underground, with current aggregate gold production at the two properties of approximately 21,000 ounces of gold per year from the oxide zones of each property. The in-situ acquisition cost of these gold-producing assets is $58 per ounce.
Altair also has rights to acquire a 65-per-cent interest in the Simon gold and silver property located in the state of Nevada. A past producer, the Simon property presents an excellent opportunity for adding value, employing low-cost exploration activities to identify prime drilling sites in six anomalous zones previously identified with gold, silver and copper mineralization. The Simon property lies within the region that hosts the prolific Tonopah district, the Round Mountain gold mine and numerous other successful mining projects.
For further information:
George S. Young
Chairman, CEO, Altair Resources Inc.
+1 (806) 886- 3317
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This press release contains forward-looking statements with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties.
There is significant risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements.
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