CALGARY, Dec. 30, 2016 /CNW/ - Altitude Resources
Inc. (TSX-V: ALI) ("Altitude")
Altitude is pleased to announce that it has completed a
non-brokered flow-through private placement for aggregate gross
proceeds of $320,000 (the
"Offering").
Pursuant to the Offering, Altitude issued 3,200,000 common
shares (the "Common Shares") at a price of $0.10 per share. The Common Shares were issued on
a flow-through basis in accordance with the provisions of the
Income Tax Act (Canada).
Proceeds from the Offering are expected to be used by Altitude for
qualifying exploration expenditures at Altitude's Palisades and
Altitude North properties.
All Common Shares issued in connection with the Offering will be
subject to a four month hold period, as stipulated under applicable
securities legislation, expiring on May
1, 2017. In connection with the Offering, Altitude has
paid a cash finder's fee of $11,250
to an arm's length finder.
The Offering remains subject to receipt of the final approval
from the TSX Venture Exchange.
About Altitude:
Altitude Resources Inc. is a Canadian coking coal exploration
and development company focused on developing its portfolio of
coking coal properties in west-central and southwestern
Alberta, Canada. The
Palisades, Elan and Altitude North, properties are located
near rail lines which have capacity to provide transport of coal to
deep-water ports on the west coast of Canada to service the growing demand from
world markets.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation.
Forward-looking information includes without limitation, statements
regarding the expected use of proceeds from the Offering.
Forward-looking information is based on assumptions that have been
made by the Altitude as at the date of such information.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual events to
be materially different from those expressed or implied by such
forward-looking information. Although the Company has attempted to
identify important factors that could cause actual events to differ
materially from those contained in forward-looking information,
there may be other factors that cause events not to be as
anticipated or intended. There can be no assurance that such
information will prove to be accurate, and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. Altitude does not undertake to update
any forward-looking information, except in accordance with
applicable securities laws.
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 news release.
SOURCE Altitude Resources Inc.