VANCOUVER, BRITISH COLUMBIA – February 22nd , 2019: ALTAIR RESOURCES INC. (“Altair” or the “Company”) (TSXV: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) Mr. Harold (Roy) Shipes, Chairman and CEO, is pleased to announce that it has reached agreement with International Silver Inc. (“ISLV”) to sell its U.S. subsidiary, Altair Mining Inc., to ISLV. Mr. Shipes serves as Chairman and CEO of the Company as well as ISLV.
Under the terms of the agreement, which is subject to regulatory approval, the Company has agreed to sell the US subsidiary for $ 240,000, 5,000,000 shares of ISLV, and a 2% NSR on the production from both the Prince and Pan American mines. The cash payment will be settled by Mr. Shipes by way of forgiveness of debt owing to him by the Company. Mr. Shipes abstained from voting on the transaction.
The Board has determined that disposing of its U.S. subsidiary was in the best interests of the Company at this time as the sale will eliminate significant debt from its balance sheet and also eliminate significant commitments and contingencies related to the acquisitions of the Prince and Pan American Mines and the Caselton Concentrator.
All prior agreements and arrangements, including a joint venture with ISLV and proposed purchase of electro winning cells from Mr. Shipes, have been terminated.
The Company continues to hold a 100% interest in its Peru property, a 900 hectare copper/gold property located in the Province of Chumbivilcas adjacent to the Constancia operating mine. The Company continues to review acquisition opportunities in Azerbaijan and Kazakhstan.
ON BEHALF OF THE BOARD,
Harold Shipes, Chairman & CEO