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Altair Resources Signs Binding Letter of Intent to Acquire a Former Producing Zinc-Lead-Silver Mine in Germany
Altair Resources Signs Binding Letter of Intent to Acquire a Former Producing Zinc-Lead-Si...
About this update from Altair Resources, Inc.
[{"type":"text","content":"\n\n\n\nAltair Resources Signs Binding Letter of Intent to Acquire a Former Producing Zinc-Lead-Silver Mine in Germany\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 3, 2018\n\n\n\nVANCOUVER, Jan. 3, 2018 /CNW/ - ALTAIR RESOURCES INC. (\"Altair\" or the \"Company\") (TSX‑V: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) Mr. Harold (Roy) Shipes, Chairman and CEO, is pleased to announce that that the Company has signed a binding letter of intent dated for reference December 23, 2017, with Rhenium Technology Corporation (\"Rhenium\") and its shareholders (the \"Rhenium Shareholders\") to acquire (the \"Acquisition\") the former producing zinc-lead-silver Grund mine project  (the \"Grund Mine Project\") located in the Harz region of Germany, through the acquisition of all of the issued and outstanding shares of Rhenium.  Upon completion of the Acquisition, Rhenium will become a wholly-owned subsidiary of the Company.  The Acquisition is an arm's length transaction for the Company.\n\n\n \n \n\n \nMaterial Terms of the Acquisition\n\nThe material terms of the Acquisition include the following terms, among others: \n\n\nUpon completion of the Acquisition, Altair will issue to the Rhenium Shareholders an aggregate of 9,640,000 common shares of the Company, which will represent approximately 16.2% of the then issued and outstanding common shares of Altair. \nAltair will grant to the Rhenium Shareholders a 2% net smelter returns royalty (the \"Royalty\") on the silver and zinc produced from the Grund Mine Project for a term to be agreed upon. Altair will have the right at any time to buy 50% of the Royalty (i.e. 1% Royalty) by the issuance of an aggregate of 3,500,000 common shares of Altair.  In the event that the Rhenium Shareholders wish to sell the remaining 50% of the Royalty (i.e. 1% Royalty), they will first offer it to Altair, in which case the consideration to be paid by Altair will be an aggregate of 3,500,000 common shares of Altair.\nThe Rhe...