Altair Resources Acquires Past-producing Zinc-Lead-Silver Grund Mine

Altair Resources Inc. (TSXV:AVX) announced that it has signed a binding letter of intent (LOI) to acquire the past-producing zinc-lead-silver Grund mine project from Rhenium Technology Corp.; the asset is located in Germany’s Harz region.
The material terms of the acquisition include the following terms, among others:

• Upon 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.

• Altair 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.

• The Rhenium Shareholders will be entitled to nominate one person to the board of directors of Altair on closing of the Acquisition, such person to be acceptable to Altair and the TSX Venture Exchange (the “Exchange”).

Click here to read the full Altair Resources Inc. (TSXV:AVX) press release.