Altai raising working capital

Two private placements, worth a combined $300,000, have been negotiated by Altai Resources (TSE) with American investors.

One placement involves 428,572 units at 35 cents per unit and the other 375,000 units at 40 cents per unit. Each unit consists of one common share and one warrant entitling the holder to purchase one share within one year at 20% above the unit price.

Altai is also selling up to five million shares of Adex Mining (TSE) at 47 cents per share or the market price (whichever is higher). Altai owns about six million Adex shares (a 19.3% interest).

These transactions would provide at least $2.65 million to its working capital, Altai says.