TORONTO, Sept. 04, 2025 (GLOBE NEWSWIRE) -- Altai Resources Inc. (TSXV: ATI) ("Altai" or the "Company") announced today that further to the approval of shareholders of the Company (the "Shareholders") at the special meeting of Shareholders held yesterday, approving a special resolution authorizing and approving a reduction of the stated capital account of the common shares of the Company (the "Common Shares"), the board of directors of the Company (the "Board") has approved a special cash distribution of $0.06 per Common Share (the "Special Cash Distribution") to holders of Common Shares by way of a return of capital. The aggregate amount of the Special Cash Distribution will be approximately $3.4 million, based on the total issued and outstanding Common Shares of 56,033,552 as of today's date, which will be funded from the Company's cash and cash equivalents.
The Special Cash Distribution will be paid to holders of Common shares of record at the close of business on October 2, 2025 (the "Record Date") and payable on October 9, 2025 (the "Payment Date"). Due to the size of the Special Cash Distribution relative to the Company's share trading price, the Common Shares will commence trading on a "due bill" basis, as mandated by the TSX Venture Exchange, at the opening of trading on October 3, 2025 and will commence trading "ex-distribution" on October 10, 2025 (the "Ex-Distribution Date"). The due bill redemption date will be October 10, 2025 (the "Due Bill Redemption Date"). Due bills represent entitlements to cash and will attach to the Common Shares between the first trading day prior to the Record Date and the Payment Date, allowing the Common Shares to carry the value of the entitlement to the Special Cash Distribution until it is paid. When due bills are used, the Ex-Distribution Date is deferred to the first trading day after the Payment Date.
ABOUT THE COMPANY
Altai Resources Inc. is a Toronto, Ontario based resource company with an oil property in Alberta and a Canadian investment portfolio comprised of cash and cash equivalents. Additional information about the Company is available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.altairesources.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain statements by the Company that constitute forward-looking statements (the "Forward-Looking Statements"). Forward-Looking Statements are based on material factors, expectations, or assumptions that have been used by the Company to develop such statements, but which may prove to be incorrect. Although the Company believes that the expectations reflected in these Forward-Looking Statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since Forward-Looking Statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the Company's control. The reader is cautioned not to place undue reliance on these Forward-Looking Statements. The Forward-Looking Statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or to revise any Forward-Looking Statements, whether as a result of new information, future events, or otherwise, unless so required by applicable securities laws.
For further information, please contact:
Kursat Kacira, Chairman & CEO/President
T: (647) 282-8324, E: kursatkacira@altairesources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
