Units with half-share warrants sold to fund drilling and development
By Devika Patel
Knoxville, Tenn., May 5 - Altima Resources Ltd. said it will raise C$12.5 million in a private placement of units.
The company will sell 138,888,886 units of one common share and one half-share warrant at C$0.09 per unit.
Each whole, one-year warrant will be exercisable at C$0.15, a 66.67% premium to the May 2 closing share price of C$0.09.
Settlement is expected May 21.
Proceeds will be used for drilling and advancing development of oil and gas wells and general working capital.
Based in Vancouver, B.C., Altima is an oil and gas exploration company.
| Issuer: | Altima Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$12.5 million
|
| Units: | 138,888,886
|
| Price: | C$0.09
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Pricing date: | May 5
|
| Settlement date: | May 21
|
| Stock symbol: | TSX Venture: ARH
|
| Stock price: | C$0.09 at close May 2
|
| Market capitalization: | C$20.52 million
|
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