Altair Completes Sale of its Subsidiary to ISLV
VANCOUVER, BRITISH COLUMBIA – June 21, 2019: ALTAIR RESOURCES INC. (the “Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) Mr. Harold (Roy) Shipes, Chairman and CEO of the Company, is pleased to announce that further to the Company’s press release dated February 22, 2019, the Company has completed the sale of its wholly owned U.S. subsidiary, Altair Mining Inc. (the “Subsidiary”), to International Silver, Inc. (“ISLV”). The sale of the Subsidiary to ISLV was approved by the disinterested shareholders of the Company at a special meeting of the shareholders of the Company held on April 12, 2019.
Under the terms of a share purchase agreement dated February 21, 2019 between the Company and ISLV, the Company agreed to sell the Subsidiary to ISLV for the following consideration: (a) the issuance of 5,000,000 shares in the capital of ISLV, (b) a grant of a 2% net smelter royalty on the future production of the Prince Mine and Pan American Project, and (c) ISLV assuming a debt of the Company in the approximate amount of $220,000 and liabilities and obligations of the Company and the Subsidiary under certain agreements.
The board of directors of the Company has determined that the disposition of the Subsidiary is in the best interests of the Company at this time as the sale will eliminate significant debt from the balance sheet of the Company and also eliminate significant commitments and contingencies related to the acquisitions of the Prince Mine and Pan American Project.
ON BEHALF OF THE BOARD,
“Harold Shipes”
Harold Shipes, Chairman & CEO
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.
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 effects the sale of the Subsidiary will have on the balance sheet of the Company. 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, http://www.altairresources.com/. The forwardlooking 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.