Altima Resources Ltd.
TSX VENTURE : ARH
FRANKFURT : AKC

Altima Resources Ltd.

April 15, 2010 12:09 ET

Altima Arranges Loan for $4,090,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 15, 2010) - Altima Resources Ltd. (TSX VENTURE:ARH)(FRANKFURT:AKC) ("Altima" or the "Company") announces that it has signed a Term Sheet with H&M Chamber Energy LLC ("H&M"), pursuant to which the Company has arranged to borrow $4,090,000 from H&M (the "Loan"), which Loan is repayable at the rate of 12% per annum, compounded monthly and payable monthly on the last business day of each month. In connection with the Loan, the Company has also agreed to pay H&M, as a bonus for entering into the Term Sheet, an amount equal to 15% of the principal amount of the Loan drawn down, payable in common shares of the Company at a price of $0.08 per share.

The Loan will be used to repay the Company's current loan outstanding in the amount of $2,382,404.78, for obligations associated with the Company's acquisition of Unbridled Energy Corp., for development of the Company's interests in the Chambers/Ferrior area, Alberta, to pay $70,000 to H&M as a commitment fee, and for general working capital.

The Loan is subject to due diligence by H&M and acceptance for filing by the TSX Venture Exchange.

ON BEHALF OF THE BOARD

Joe DeVries, Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Altima Resources Ltd.
    Joe DeVries
    Director
    (604) 718-2800
    (604) 718-2808 (FAX)