Oil and gas company Altima Energy (TSXV: ARH) received final acceptance from the exchange to close its $5.5 million private placement. The Vancouver-headquartered company issued 20,000,000 units at $0.275 per unit.
Each unit consists of one common share and one share purchase warrant. Each warrant is exercisable at $0.40 for two years from issuance.
Altima applied proceeds to repay a $2.2 million secured loan, plus late payment fees, legal fees, and interest, owed to an arm’s-length lender, as referenced in its previous disclosure. If all 20 million warrants are exercised, the company could receive an additional $8.0 million in gross proceeds within the two-year term.
On July 2, 2025, Altima obtained a management cease trade order from the British Columbia Securities Commission due to an expected delay in filing its audited annual financial statements and disclosures for the year ended February 28, 2025. The MCTO restricts trading by the CEO and CFO until the required filings are made and the order is revoked.
Altima continues to target August 29, 2025 for the annual filings, though it cautions that the recent closures discussed in its update may push the timeline. If the annual filings are not completed by the deadline, the filings for the quarter ended May 31, 2025 would also be delayed. The company says it will file the Q1 package within five days of the annuals.
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