On February 22, 2019, Altair Resources Inc. (“Altair Resources”) announced that it entered into an agreement with International Silver Inc. (“International Silver”) pursuant to which Altair Resources agreed to sell all the shares of Altair Mining Inc. (the “Subsidiary”), its wholly owned subsidiary, to International Silver. The sale of the Subsidiary to International Silver was approved by the disinterested shareholders of Altair Resources at a special meeting of the shareholders of Altair Resources on April 12, 2019.
On June 21, 2019, Altair Resources announced that it completed the sale of the Subsidiary to International Silver for the following consideration: (a) the issuance of 5,000,000 shares in the capital of International Silver, (b) a grant of a 2% net smelter royalty on the future production of the Prince Mine and Pan American Project, and (c) International Silver assuming certain debts, liabilities, and obligations of Altair Resources and the Subsidiary under certain agreements.
Altair Resources is a mineral exploration company currently engaged in the acquisition, exploration, and development of mineral resources properties.
Further details regarding Altair Resources and the sale of the Subsidiary can be found on Altair Resources’ website. Altair Resources trades under the symbol “AVX” on the TSX Venture Exchange.