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Altima Resources closes equity financing for gross proceeds of $300,000

June 8, 20225:15 AM Newsfile

Vancouver, British Columbia – Altima Resources Ltd. (TSXV: ARH) (“Altima” or the “Company”) announces that it has closed the private placement announced in a News Release dated May 25, 2022. On June 8, 2022, the Company received acceptance from the TSX Venture Exchange to close the private placement.

In accordance with the provisions of the Subscription Agreements, on June 8, 2022, the Company issued a total of 6,000,000 Units at $0.05 per Unit as follows:

  • 6,000,000 Units, each Unit consisting of one common share and one share purchase warrant, each warrant entitling the holder to purchase one additional common share at $0.075 per share on or before June 8, 2024 (the “Financing”).

All of these shares will be subject to a hold period under applicable Canadian securities laws expiring on October 8, 2022, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

Two Insiders have directly and/or indirectly subscribed for a total of 2,800,000 Units from the financing, and accordingly those related parties may acquire up to an additional 2,781,769 common shares in the capital stock of the Company (including shares that may be issued on exercise of warrants issued in connection with this financing), which will increase their pro rata shareholdings in the Company (the “Related Party Transaction”). All of the independent directors of the Company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and, with the value of the Related Party Transaction being less than 25% of the Company’s market capitalization, is exempt from the formal valuation and minority shareholder approval requirements of the Ontario Securities Commission’s Rule 61-501.

Proceeds of $300,000 from the Financing will be used for completion of reserve reports, annual audit filing statements and general working capital.

On behalf of the Board of Directors

SIGNED: “Joe DeVries”

Joe DeVries, CEO
Contact: (604) 336-8610

 

Altima Resources

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