VANCOUVER, Aug. 9, 2017
/CNW/ - 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 announce that the Company has
entered into an asset purchase agreement dated August 1, 2017
(the "Asset Purchase Agreement") with Atlas Precious Metals Inc.
(the "Vendor") to acquire the assets comprising a solvent
extraction plant (the "Plant").
Pursuant to the terms of the Asset Purchase Agreement, the
Company agreed to acquire the Plant in consideration for the
Company making payments of: (i) US$150,000 cash, and (ii) US$270,000 payable by issuance of the Company's
common shares (the "Consideration Shares") at a deemed value of
Cdn$0.40 per Consideration Share.
The Plant is comprised of nine mixer/settler
combinations. The Plant was originally acquired by the Vendor
in 2008 for use at the Pan American Mine; however, due to financial
problems faced by the Vendor's development partner, development of
the project was not completed and the Plant has been in storage
since 2008. The Plant was offered to the Company at the time
the Company acquired the Pan American Mine and Caselton mill (see
the Company's press release dated April 5, 2017).
The Plant will be used to modify the Company's zinc and
lead/silver flotation circuits at Caselton to treat tails produced
from flotation containing manganese carbonate by adding an
additional agitated acid leach circuit to recover manganese.
Following leaching, the clarified soluble manganese sulfate
solutions will pass to the Solvent Extraction Plant for upgrading
and purification and then to Electro-winning to produce
electro-manganese dioxide (EMD).
Closing of the acquisition is expected to be completed on or
about August 31, 2017. All shares will be subject to a
four month hold period. Harold
Shipes, Altair's President and CEO is a director, officer
and shareholder of the Vendor, and accordingly, this transaction is
not an arm's length transaction. The Company has received an
independent third party appraisal of the Plant and believes the
purchase price fairly reflects the value of the Plant.
The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or the securities laws of any state of
the United States, and may not be
offered or sold within the United
States unless registered under the U.S. Securities Act and
applicable state securities laws or pursuant to an exemption from
such registration requirements.
To learn more about Altair, please visit
http://www.altairresources.com/.
ON BEHALF OF THE BOARD,
"Harold Shipes"
Harold Shipes, President &
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 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 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, http://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.
SOURCE Altair Resources