FOR IMMEDIATE RELEASE
Vancouver, British Columbia – August 1, 2006. Altair Ventures Incorporated (the “Company”) is pleased to announce it has closed its initial public offering of common shares raising gross proceeds of $300,000. A total of 3,000,000 common shares at a price of $0.10 per share were sold. As a result of this issuance, the Company has 10,100,000 common shares issued and outstanding, of which 7,100,000 are subject to escrow restrictions. The offering is described in greater detail in the Company’s prospectus dated June 27, 2006, a copy of which can be obtained from SEDAR (www.sedar.com).
The Company also issued to Canaccord Capital Corporation, the agent for the offering, a warrant to acquire up to 300,000 common shares of the Company at a price of $0.10 per share for a period of 24 months from the date the Company’s common shares commence trading on the TSX Venture Exchange (the “Exchange”).
The common shares of the Company are expected to commence trading on the Exchange on Wednesday, August 2, 2006. The Company’s trading symbol is AVX.P and the Company is classified as a capital pool company pursuant to Policy 2.4 of the Exchange.
The Company’s management team includes: Fayyaz Alimohamed, President and Chief Executive Officer and Tony Ricci, Chief Financial Officer and Corporate Secretary. The board of directors is composed of Fayyaz Alimohamed, Shehzad Bharmal and Robert Archer.
For further information please contact:
Altair Ventures Incorporated
President & Chief Executive Officer