Financing uses two types of units to fund exploration and development
By Devika Patel
Knoxville, Tenn., Nov. 8 - Altima Resources Ltd. said it has priced a private placement of units. The company will raise C$3 million by selling units and flow-through units.
The company will sell 40 million units at C$0.05 apiece for C$2 million. Each unit consists of one common share and one warrant.
The company also will sell 20 million flow-through units at C$0.05 apiece for C$1 million. Each flow-through unit consists of one flow-through common share and one half-share warrant.
Each whole one-year warrant will be exercisable at C$0.10, a 185.71% premium to the Nov. 5 closing share price of C$0.035.
Insiders may participate.
Proceeds will be used for exploration, development and general working capital.
Based in Vancouver, B.C., Altima Resources 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 half-share warrant
|
| Amount: | C$3 million
|
| Price: | C$0.05
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Nov. 8
|
| Stock symbol: | TSX Venture: ARH
|
| Stock price: | C$0.035 at close Nov. 5
|
| Market capitalization: | C$9.04 million
|
|
|
| Units
|
| Amount: | C$2 million
|
| Units: | 40 million
|
| Warrants: | One warrant per unit
|
|
|
| Flow-through units
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| Amount: | C$1 million
|
| Units: | 20 million
|
| Warrants: | One half-share warrant per unit
|
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