Financing sells two types of units to fund exploration and development
By Devika Patel
Knoxville, Tenn., April 5 - Altima Resources Ltd. said it settled a C$3.5 million private placement of units on Wednesday. The deal priced on March 13.
The company sold 63,737,600 units of one common share and one warrant at C$0.05 per unit. It also sold 6.3 million flow-through units of one flow-through common share and one warrant at C$0.05 per unit.
Each two-year unit warrant will be exercisable at C$0.10 until April 3, 2014. The strike price is a 66.67% premium to the March 12 closing share price of C$0.06. The one-year flow-through unit warrants are exercisable at the same price until April 3, 2013.
Proceeds will be used for exploration and development of the company's Chambers-Ferrier area properties, toward the completion and stimulation of the Copol ET AL HZ Chambers 14-15-41-11 W5M well, pipelining, connection to the Copol Chambers compressor station and for general working capital purposes.
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$3,501,880
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.10
|
| Pricing date: | March 13
|
| Settlement date: | April 4
|
| Stock symbol: | TSX Venture: ARH
|
| Stock price: | C$0.06 at close March 12
|
| Market capitalization: | C$14.63 million
|
|
|
| Units
|
| Amount: | C$3,186,880
|
| Units: | 63,737,600
|
| Warrant expiration: | April 3, 2014
|
|
|
| Flow-through units
|
| Amount: | C$315,000
|
| Units: | 6.3 million
|
| Warrant expiration: | April 3, 2013
|
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