Altima Energy Provides MCTO Status Update and Conditional Acceptance to Close Financing for Gross Proceeds of $5,500,000

Core Viewpoint - Altima Energy Inc. is currently under a management cease trade order (MCTO) due to delays in filing required financial documents, while also securing conditional approval for a private placement financing of $5,500,000 [1][2][6]. Group 1: MCTO Details - The MCTO was applied for on July 2, 2025, due to delays in filing audited annual financial statements for the year ended February 28, 2025, and related documents [2]. - The MCTO restricts the Chief Executive Officer and Chief Financial Officer from trading in the company's securities until the required documents are filed and the MCTO is revoked [2]. - The company expects to file the required documents by August 29, 2025, and the interim financial report for Q1 2025 is now expected to be filed by September 1, 2025 [3]. Group 2: Financing Details - The company received conditional acceptance from the TSX Venture Exchange to close a financing round totaling $5,500,000, which involves issuing 20,000,000 units at a price of $0.275 per unit [6][7]. - Each unit consists of one common share and one share purchase warrant, with the warrants exercisable at $0.40 per share for two years [7]. - A portion of the financing proceeds will be allocated to repay a loan of $2,300,000, pending Exchange approval [8]. Group 3: Company Overview - Altima Energy Inc. is an oil and gas exploration and production company based in Vancouver, focusing on hydrocarbon asset development across North America [9]. - The company aims to drive operational excellence and sustainable growth through advanced technology and industry expertise, with a commitment to long-term value creation for shareholders [9].