Vancouver, British Columbia – June 22, 2022: 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 provide the following announcement in regard to the Company and its ongoing acquisition and development activities:
The Company continues to pursue the acquisition and spin off of the Kazakhstan projects as described in the Company’s January 24, 2022 press release. With the passage of time occasioned by a number of legal due diligence issues and events in the region and around the world affecting the financial markets, the Sellers have sent correspondence to Altair relating to the performance of the parties under the Preliminary Purchase Agreement. Sellers have taken the position that Altair has not moved forward with the transaction under the time frames required under the agreement and have sent a notice purporting to terminate the agreement but remain willing to continue to work with Altair to complete the transaction on a non-exclusive basis. Altair is disputing the Sellers’ position and believes that the Sellers cannot unilaterally terminate the agreement, particularly given the difficulties over the past year in financing in the region and in the world generally and given the due diligence issues. Altair is in discussions with the Sellers regarding the matter and has discussed new financing alternatives with the Sellers, including potential financings through institutional and other alternative financing entities being sourced by Mr. Nicholas Jeffrey, as further described in the Corporate Governance section below.
In furtherance of its press release dated April 7, 2022 in connection with the Company’s planned acquisition of the Marbera project in Burkina Faso, an advanced exploration project with over 387,000 meters of previous drilling, the Company is pleased to further announce that it is retaining counsel in Burkina Faso to review and advise on the draft Sale and Purchase Agreement now being finalized between the parties. The agreement will be subject to regulatory approval in Canada and license transfer approvals in Burkina Faso. The Company is also pursuing other acquisition opportunities in Burkina Faso with an expectation that the business environment will improve in the short term.
Simon Property, Nevada
The Company and Millennium Silver Corp, through its wholly owned Nevada subsidiary, International Millennium Mining Inc (“Millennium”) have negotiated new letter agreement terms with respect to the Simon Property located in the Walker Lane Trend, Nevada. While the total amount of Company shares to be issued to Millennium and total work expenditure commitment have not changed, the details with respect to annual share payments and work commitments have been adjusted over the six-year period.
Mr. James Walker has resigned as a director of the Company to pursue other opportunities. The Company would like to thank Mr. Walker for his services and wish him well in his future endeavors. The Board is considering a number of qualified replacements to appoint as a new Director.
In addition, the Company has appointed Mr. Nicholas F. Jeffery to its Advisory Board. Nicholas is a founding and managing partner of Impresario Partners, headquartered in Vancouver BC, but currently residing in Europe. Nicholas has broad and significant experience in investment banking, internet of things (IOT), Web3 technology and corporate growth with a focus on proposition development, big data and marketing. He was previously CEO of a TSX Venture top fifty performing company, and Senior Advisor for Investment Planning and Strategy for the European Bank of Reconstruction and Development (EBRD). Nicholas has been awarded a certificate of merit for his work in the area of Environmental Communications having been the lead on Eastman Kodak environmental strategy and the Duty of Care legislation for the British Government.
The Company is evaluating options for financing its acquisitions through institutional and other alternative financing entities being sourced by Mr. Jeffery covering Africa and Central Asia.
George S. Young said “We are pleased to add diverse talents and experience to our Advisory Board, and to advance with the acquisition of the Marbera project and other acquisition opportunities. We are excited now to press forward to the closing of the acquisition and to commencing work on a PEA while we also look to progress with our other transactions. We believe we are well positioned to deliver exemplary value to our shareholders.”
Nicholas Jeffery added “There are a myriad of new commercial, financial and geopolitical dimensions affecting the mining industry Globally and especially in the Central Eastern European and African markets. Having someone from outside the industry as a partner to help navigate these threats and opportunities is potentially very valuable.”
About Altair Resources Inc.
Altair Resources’ (TSX.V: AVX) primary focus is developing the Marbera project, Burkina Faso’s newest gold mine development opportunity.
Burkina Faso is 2nd in gold production in West Africa with four major mining companies operating successfully and 15 gold mines that have reached production.
For further information:
George S. Young
Chairman, CEO, Altair Resources Inc.
+1 (806) 886- 3317
[email protected] , www.altairresources.com
Neither 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.
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.
Generally forward-looking statements can be identified by the use of terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”, “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the completion of the private placement and the Company receiving regulatory approval to the partial revocation order. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the Company receiving regulatory approval to the private placement and the partial revocation order application.
The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.