Altair Places 300,000 Shares
CODY, Wyo., March 25 /PRNewswire/ -- Altair International Inc. (Nasdaq: ALTIF - news) today announced the placement of 300,000 shares of common stock in three separate transactions. The shares were sold as units, each unit consisting of one share of common stock and one-half Series J warrant. Units were sold at $7 each, with net proceeds to the company of approximately $2 million.
''The Company's level of activity and rate of cash expenditure has increased with the development of Camden as a major titanium property. Accordingly, with this placement we have increased working capital,'' said Dr. William Long, president of Altair. ''In order to minimize dilution at this level of stock price, only 300,000 shares were sold.'' Altair has currently registered with the SEC for the sale of 1.0 million shares of common stock and 500,000 warrants to purchase common stock with the shares issuable upon exercise of the warrants.
Gross proceeds of $2,100,000 were received from the sale of 300,000 units at $7 per unit. Prudential Securities, Altair's investment banker, and other placement agents brokered the transaction, resulting in net proceeds to Altair of $1,995,000. Series J warrants entitle the holder to purchase one common share at $9.00 before March 23, 2002. The warrants expire 30 days after the closing price on the Nasdaq National Market exceeds $14 for 5 days. If all the Series J warrants are exercised Altair will receive additional proceeds of $1.35 million. |
