Vancouver, British Columbia – Altima Resources Ltd. (TSXV: ARH) (“Altima” or the “Company”) announces that it has negotiated a private placement for gross proceeds of up to $500,000, subject to acceptance by the TSX Venture Exchange.
The Company is issuing 10,000,000 Units at a price of $0.05 per Unit (the “Units”) for gross proceeds of up to $500,000 (the “Financing”), each Unit consisting of one common share and one share purchase warrant, each warrant entitling the holder thereof to purchase one additional common share, exercisable for a period of one (1) year from the date of issuance at a price of $0.075 per share.
Proceeds of up to $500,000 from the Financing will be used for development of the Company’s oil and gas operations and general working capital.
There may be finders’ fees in connection with the private placement in accordance with TSX Venture Exchange policies.
There are no Insiders in participating in the Financing.
ON BEHALF OF THE BOARD
SIGNED: “Joe DeVries“
Joe DeVries, CEO
Contact: (604) 336-8610
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements