Altair Ventures Inc. plans to raise up to $2.64-million in a non-brokered private-placement financing. The offering consists of up to 12 million units at a price of 22 cents per unit (postconsolidation) for gross proceeds of up to $2.64-million. Each unit will consist of one common share and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional Altair common share at a price of 33 cents per share (postconsolidation). All of the warrants are exercisable for a period of 12 months from the closing date of the offering, subject to the right of the company to accelerate the expiry of the warrants, if, during the term of the warrants, the common shares of the company close at a price at or above 45 cents per share (postconsolidation) for more than 20 consecutive trading days. Finders' fees may be payable on all, or part, of the offering.
The price per unit and the exercise price for the warrants are offered at a proposed postconsolidation price. Altair has announced a three-for-one share consolidation in its news release dated Jan. 3, 2012, which consolidation has not yet been effected as it is subject to TSX Venture Exchange acceptance.
Altair also wishes to announce that it will pay a finder's fee in the form of cash and common shares of Altair to an arm's-length party in relation to the option of the Kena property previously announced in Altair's news release of Jan. 3, 2012.
The payment of the finder's fee is subject to acceptance by the TSX Venture Exchange. The common shares issued as part of the finder's fee will be restricted from trading for a period of four months from the date of issuance in compliance with TSX Venture Exchange policies and applicable securities laws
The net proceeds of the offering will be used by Altair to finance expenditures on the Kena property, located in southeastern British Columbia under Altair's option agreement with Sultan Minerals Inc. (refer to news release of Jan. 3, 2012), and the Lobstick project in Ontario (refer to news release of Oct. 31, 2011), and for general working capital purposes.
