02:29:47 EDT Sat 17 Apr 2021
Enter Symbol
or Name

Login ID:
Altair Resources Inc (2)
Symbol AVX
Shares Issued 28,925,373
Close 2021-02-22 C$ 0.04
Recent Sedar Documents

Altair closes $47,250 private placement

2021-02-23 02:46 ET - News Release

Mr. Jeffrey Steiner reports


Altair Resources Inc. has closed the company's non-brokered private placement financing announced on Jan. 12, 2021. Altair issued 1.35 million units of the company, at a price of 3.5 cents per unit, with each unit comprising one common share and one share purchase warrant. Each warrant entitles the holder to purchase an additional common share at a price of five cents for a period of five years from the closing of the private placement. Proceeds from the financing will be used for working capital purposes, and payments to be made include TSX Venture Exchange filing and sustaining fees, balance of 2020 audit fees, reserve for 2021 audit fees, transfer agent fees, accounting fees, geological services, and such other corporate costs. The financing will not be used to primarily make payments to management. All securities issued will be subject to a four-month hold period from the date of closing. No finders' fees were paid.

Related-party transaction

Certain directors of the company participated in the private placement and purchased an aggregate of 450,000 units for aggregate gross proceeds of $15,750. The participation in the private placement by the directors of the company constitutes related-party transactions pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the participation in the private placement in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the transaction does not exceed 25 per cent of the company's market capitalization. The company did not file a material change report containing all of the disclosure required by MI 61-101 more than 21 days before the expected closing date of the private placement as the aforementioned insider participation had not been confirmed at that time and the company wished to close the private placement as expeditiously as possible.

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