Altai buys stake in gas permits

Toronto-based Altai Resources (TSE) has acquired interests in four permits in the Lac St. Pierre natural gas and gas storage joint venture, east of Montreal, Que.

A 71% interest in three permits totaling 93,750 acres and a 32.2% interest in a fourth permit were bought with the issuance of 100,000 shares through a private placement. The shares were $3 each.

Only 33% of the holdings have been explored and Altai plans to complete a seismic survey over the remaining 93,750 acres by the end of February.