Financing sells two types of units to fund exploration and development
By Devika Patel
Knoxville, Tenn., July 19 - Altima Resources Ltd. said it will raise C$1.5 million in a private placement of units.
The company will sell 20 million units of one common share and one warrant at C$0.05 per unit for C$1 million. It also will sell 10 million flow-through units of one flow-through common share and one warrant at C$0.05 per unit for C$500,000.
Each one-year warrant will be exercisable at C$0.10, a 100% premium to the July 18 closing share price of C$0.05.
Proceeds will be used for exploration and development of the Chambers-Ferrier area properties, as well as for general working capital.
Based in Vancouver, B.C., Altima is an exploration stage company, exploring its oil and gas properties.
| Issuer: | Altima Resources Ltd.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one warrant
|
| Amount: | C$1.5 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
| Pricing date: | July 19
|
| Stock symbol: | TSX Venture: ARH
|
| Stock price: | C$0.05 at close July 18
|
| Market capitalization: | C$12.09 million
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 20 million
|
|
|
| Flow-through units
|
| Amount: | C$500,000
|
| Units: | 10 million
|
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