Altair Resources Inc (C:AVX)
Shares Issued 49,861,501
Last Close 3/27/2018 $0.05
Tuesday March 27 2018 – News Release
Mr. Harold Shipes reports
ALTAIR TO ACQUIRE ELECTRO-WINNING CELLS FOR PRODUCTION OF ELECTRO MANGANESE DIOXIDE (EMD) AT PAN AMERICAN MINE
Altair Resources Inc. has entered into an asset purchase agreement with Harold (Roy) Shipes, chairman and chief executive officer, to purchase 16 unused electrowinning cells for the electrowinning of electromanganese dioxide (EMD) from a solution produced from the acid leaching of the manganese carbonate from the Pan American tailings.
Pursuant to the terms of the Asset Purchase Agreement, the Company will acquire the 16 cells at a purchase price of U.S. $5,000 each or U.S. 80,000 total, approximately half the fabricator sales price of U.S. $9,500 per cell. The Company has received a third party appraisal of the cells and the independent directors have approved the purchase price as it reflects a fair the value of the cells. The purchase price will be paid in common shares of the Company and accordingly the Company will issue 2,065,600 common shares to complete the acquisition. Closing of the acquisition will occur on TSX Venture Exchange acceptance of the Company’s filings. On closing the cells will be immediately shipped to the Company’s Mine at Pioche, Nevada.
The securities to be issued will have a four month hold, from date of issue, under Canadian Securities laws. In addition the securities have not been and will not be registered under the United States Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States, and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Permitting of the Company’s Pan American Mine is ongoing under the turn key management of Environmental Engineering Consulting (“EEC”). Plans for the de-watering of the mine are also being prepared and coordinated with the Nevada Department of Environmental Protection. A new processing plant is under design and a contract for the supply and erection of the Concentrator as a turnkey supply will be finalized shortly to be located at the mouth of the mine. The facilities will be located on patented ground owned by the Company which greatly simplifies permitting.
Negotiations are ongoing for the financing of the entire project.