VANCOUVER, BRITISH COLUMBIA – March 11th, 2019: ALTAIR RESOURCES INC. (“Altair” or the “Company”) (TSX-V:AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) Mr. Harold (Roy) Shipes, President and CEO, is pleased to provide an update regarding the Company’s February 22nd, 2019 announcement that it was reviewing acquisition opportunities in Azerbaijan and Kazakhstan.
The Company’s review of acquisition opportunities in Kazakhstan has identified a significant Zinc-Lead property currently in the development / construction stage and available for purchase. The Company is working to put in place a team and resources to pursue this opportunity. The Company is working to acquire a 100% interest in the project and is going through customary due diligence. The Company will keep shareholders informed on its progress.
With an area of 2,700,000 square kilometers (1,000,000 sq. mi) Kazakhstan is equivalent in size to Western Europe and shares borders with Russia, Uzbekistan, China, Kyrgyzstan and Turkmenistan. Major cities include Astana and Almaty. Kazakhstan is the ninth largest country and largest landlocked country in the world. The mineral industry of Kazakhstan is one of the most competitive and fastest growing sectors of the country. The country ranks second to Russia among the countries of the CIS in its quantity of mineral production. It has significant range of metallic ores, industrial minerals and fuels, and its metallurgical sector is a major producer of a large number of metals from domestic and imported raw materials. The country’s economy is heavily dependent on the production of minerals.
The Company also announces that Maleksultan Dhanani (“Mrs. Dhanani”) and Zahir Dhanani (“Mr. Dhanani”) have acquired shares in the Company. The share acquisitions are now reported on SEDI, the electronic system for insider reporting. Mrs. Dhanani is the mother of Mr. Dhanani and they are joint actors for reporting purposes. Mrs. Dhanani currently owns 1,789,000 common shares of the Company as well as 1,733,333 warrants entitling her to purchase additional common shares. On deemed exercise of these warrants Mrs. Dhanani will hold in aggregate 3,522,333 common shares, representing approximately 24.81% of the issued and outstanding common shares. Mr. Dhanani currently owns 159,150 common shares of the Company as well as 1,779,333 warrants and 200,000 stock options entitling him to purchase additional common shares. On deemed exercise of the warrants and options Mr. Dhanani will hold in aggregate 2,138,483 common shares, representing approximately 14.81% of the issued and outstanding common shares. Mrs. Dhanani and Mr. Dhanani hold these securities for investment purposes and may, depending on market and other conditions, acquire additional common shares through market transactions or otherwise, or may sell all or some of the common shares which she or he owns or controls.
ON BEHALF OF THE BOARD,
“Harold Shipes”
Harold Shipes, Chairman & CEO
Forward Looking Statement Caution
Certain information contained in this news release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward-looking information includes statements regarding the composition of the Plant and its intended use, the issuance of the Consideration Shares and any statements regarding the Company’s business plans, expectations and objectives. There can be no assurance that the Company will proceed to satisfy the conditions necessary to complete the acquisition of the Plant, including obtaining legal title to the Plant and completing the cash payment and the issuance of the Consideration Shares. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Management’s Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company’s profile and on the Company’s website, https://www.altairresources.com/. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
