Altima Resources Ltd.
TSX VENTURE : ARH

Altima Resources Ltd.

July 15, 2011 16:45 ET

Altima Closes First Tranche Equity Financing for Gross Proceeds of $481,200

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 15, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Altima Resources Ltd. (TSX VENTURE:ARH) ("Altima" or the "Company") announces that on July 15, 2011 it closed the first tranche of its private placement financing for gross proceeds of $481,200.

In accordance with the provisions of the Subscription Agreements received, on July 15, 2011 the Company issued:

  • a total of 2,300,000 FT Units at $0.05 per FT Unit, each FT Unit consisting of one flow-through common share and one (1) share purchase warrant, each whole warrant entitling the holder to purchase one additional non flow-through common share at $0.10 per share on or before July 14, 2012; and
  • a total of 7,324,000 NFT Units at $0.05 per NFT Unit, each NFT Unit consisting of one common share and one (1) share purchase warrant, each warrant entitling the holder to purchase one (1) additional common share at $0.10 per share on or before July 14, 2013.

The Company also issued a total of 452,000 Finder's Warrants, each Finder's Warrant entitling the holder to purchase one common share at $0.10 per share on or before July 14, 2012, as finders' fees in connection with this financing.

All of these shares, including any shares issued on exercise of the warrants or Finders' Warrants, will be subject to a hold period under applicable Canadian securities laws expiring on November 16, 2011, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

Proceeds of $115,000 raised from the Flow-Through private placement will be used for new exploratory drilling of multiple formations defined by 3D seismic in the deeper multi-zone gas and liquids rich targets of the Company's Chambers-Ferrier area properties, which lie immediately west of the multiple zone producing pools in the Ferrier Field, Alberta. Drilling will preferably take place near current pipeline infrastructure to help reduce cost and facilitate early production. The exploration work conducted will qualify as Canadian Exploration Expense for the purposes of the Income Tax Act (Canada), which will then be renounced by the Company to the placees.

ON BEHALF OF THE BOARD

"Joe DeVries"

Joe DeVries, Director

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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