Altima Resources Ltd.

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.


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
    (604) 718-2800
    (604) 718-2808 (FAX)