Vancouver, British Columbia--(Newsfile Corp. - July 8, 2025) - Altima Energy Inc. (TSXV: ARH) (OTCID: ARSLF) ("Altima" or the "Company") announces that it has negotiated a private placement for gross proceeds of up to $5,500,000, subject to acceptance by the TSX Venture Exchange.
The Company is issuing up to 20,000,000 Units at a price of $0.275 per Unit (the "Units") for gross proceeds of up to $5,500,000 (the "Financing"), each Unit consisting of one common share and one share purchase warrant, each warrant entitling the holder thereof to purchase one additional common share, exercisable for a period of two (2) years from the date of issuance at a price of $0.40 per share.
Proceeds of up to $5,500,000 from the Financing will be used for development of the Company's oil and gas operations, future acquisitions, debt retirement and general working capital.
As part of the use of proceeds the Company will complete field upgrades on its Red Earth and its Richdale properties to increase production. Field upgrades include the restart of field operations at the Red Earth of its seven (7) wells and the re-pressurization of the Richdale property to increase production in its five (5) wells.
There may be finders' fees in connection with the private placement in accordance with TSX Venture Exchange policies.
ON BEHALF OF THE BOARD
SIGNED: "Richard Barnett"
Richard Barnett, CFO
Contact: (604) 336-8610
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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258160
SOURCE: Altima Energy Inc.
