Vancouver, British Columbia – July 2, 2025 – Altima Energy Inc. (TSXV: ARH), a player in the energy sector, is facing a temporary hurdle in its regulatory filings. The company has announced its inability to meet the June 30, 2025 deadline for submitting its audited annual financial statements, management’s discussion and analysis (MD&A), and related certifications. This also includes its crucial NI 51-101 Disclosure for Oil & Gas Activities, collectively referred to as the “Issuer Statements,” for the fiscal year ending February 28, 2025.
The culprit? Technical glitches. Altima has cited unforeseen technical issues that prevented its accounting team from furnishing the necessary documentation to its auditors, thereby impacting the completion of the audit. This is a common challenge in today’s digitally driven financial world, where seamless data flow is paramount for timely reporting.
In response to this situation, and upon the company’s application, the British Columbia Securities Commission (BCSC) has issued a management cease trade order. This order, in accordance with National Policy 12-203, focuses on “Cease Trade Orders for Continuous Disclosure Defaults.” Importantly, it permits the continued trading of Altima’s common shares by parties other than its insiders and employees, aiming to maintain market liquidity for the broader investor base.
Altima’s finance and accounting departments are reportedly working diligently with their auditors to rectify the situation. The company anticipates that the audit will be finalized and the Issuer Statements will be filed by approximately August 29, 2025. This revised timeline underscores the importance of robust accounting infrastructure and the potential knock-on effects when these systems falter.
The company has committed to adhering to the provisions of NP 12-203. This means Altima will issue bi-weekly default status reports for as long as it remains non-compliant with the financial statement filing requirements. These reports will be a key channel for investors to stay informed, detailing any material changes, actions taken to resolve the default, and any other relevant corporate developments. Altima has also confirmed it is not currently undergoing insolvency proceedings and has no other material non-disclosed information that could impact investor decisions.
Altima Energy Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider can be held responsible for the accuracy or completeness of this information.
A note on forward-looking statements: Investors should be aware that this announcement contains forward-looking statements which rely on assumptions and projections about future events. While Altima believes these expectations are based on reasonable assumptions, actual results may differ. Readers are cautioned against placing undue reliance on these forward-looking statements and are encouraged to review the risk factors detailed in the Company’s most recent MD&A, available on SEDAR Plus.
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