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Altair Announces Closing of First Tranche of Private Placement
Altair Announces Closing of First Tranche of Private Placement
About this update from Altair Resources, Inc.
[{"type":"text","content":"\nAltair Announces Closing of First Tranche of Private Placement\n\n\n Nov. 15, 2010 (TheNewswire.ca) -- Vancouver, BC -November 15, 2010: Altair Ventures Incorporated (TSXV:AVX) (\"Altair\" or the \"Company\")(TSX-V: AVX) is pleased to announce that, effective on November 12, 2010, it closed the first tranche (the \"First Tranche Closing\") of the private placement first announced on October 12, 2010 and as amended by a news release on October 20, 2010 (the \"Private Placement\"). The Private Placement consists of the sale of up to 2,848,750 in Flow-Through Units (the \"FT Units\") at $0.16 per FT Unit for gross proceeds of up to $455,800, and up to 6,640,000 million in non-flow through units (the \"Units\") at $0.13 per Unit for gross proceeds of up to $863,200. The First Tranche Closing consisted of the sale of all of the 2,848,750 FT Units resulting in gross proceeds to the Company of $455,800 and 6,040,000 Units resulting in gross proceeds to the Company of $785,200. The TSX Venture Exchange has conditionally approved the closing of the Private Placement, subject to the filing of final documents.Each FT Unit and each Unit consists of one common share (each a \"Share\") and one-half of a common share purchase warrant (each full warrant a \"Warrant\"). Each Warrant included in the FT Units will entitle the holder to purchase one additional Share for $0.23 and each Warrant included in the Units will entitle the holder to purchase one additional Share for $0.20. All of the Warrants are exercisable for a period of twelve months from the closing date 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 $0.35 per share for more than 20 consecutive trading days.In connection with the First Tranche Closing, the Company paid finders' fees of $37,996 in cash and 114,423 Units to seven persons acting as finders.The Shares and any Shares issuable upon the exercise of the Warrants are subject to a four month hold period expiring on March 13, 2011.The net proceeds of the Private Placement will be used by Altair to fund expenditures on the Prospect Valley Gold Property, located in southern British Columbia under Altair's option agreement with Consolidated Spire Ventures Ltd. (TSX-V: CZS) and for general working capita...