Altima Closes First Tranche Convertible Debenture Financing for Gross Proceeds of $3,956,811, and Appoints New Director

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Altima Resources Ltd. (the "Company") (TSX VENTURE:ARH)(FRANKFURT:AKC) announces
that on August 29, 2012 it closed the first tranche of its convertible debenture
private placement financing (refer to Press Releases June 8, 2012 and August 10,
2012). In accordance with the provisions of subscription agreements received, at
the closing the Company issued convertible debentures in the total principal
amount of $3,956,811 (the "Debentures"). As part of the private placement,
$2,971,811 of existing debt held by H&M Chambers Energy LLC ("H&M Energy") was
replaced by an equal principal amount of Debentures (see below for further
details), and as a result the first tranche of the private placement raised new
proceeds to the Company of $985,000.


All Debentures issued under the private placement are governed by the terms and
conditions of an indenture with Computershare Trust Company of Canada
("Computershare") as trustee, a copy of which will be available under the
Company's profile at www.sedar.com.


Holders of the Debentures have the right to convert the principal amount and any
accrued but unpaid interest thereon, into common shares of the Company (the
"Conversion Shares") at any time up to the maturity date of June 30, 2015 (the
"Maturity Date"), at a conversion price of Cdn$0.10 per Conversion Share in
respect of outstanding principal and, in respect of interest, at a conversion
price equal to the greater of Cdn$0.10 and the last closing price of the
Company's shares on the TSX Venture Exchange prior to the issuance of the
Conversion Shares.


The Debentures are transferable (subject to applicable securities laws), and
will bear interest at 12% per annum. Up to the Maturity Date, only interest on
the Debentures will be repaid, with the first quarterly interest payment being
due on September 30, 2012. The Debentures may be prepaid at any time by the
Company after June 30, 2013 and prior to the Maturity Date. Any outstanding
principal amount and accrued interest will be due and payable on the Maturity
Date. The Debentures are secured by a first fixed charge on the Company's
interests in all of its properties and wells in Alberta, which is registered in
favor of Computershare as trustee for the subscribers under the private
placement. Further details of the terms of the Debentures are contained in the
Company's news release dated June 8, 2012.


No finders' fees were paid in connection this first tranche closing. The
Debentures and any shares issued on conversion of the Debentures will be subject
to a hold period under applicable Canadian securities laws expiring December 30,
2012, and will be subject to such further restrictions on resale as may apply
under applicable foreign securities laws. The Company anticipates closing the
final tranche of this financing on or before September 30, 2012.


As well, the Company is pleased to announce that, effective August 28, 2012,
Stephen Watts has been appointed to its Board of Directors. Stephen is a
Chartered Accountant and has over 25 years of accounting experience in advising
businesses of all sizes on corporate finance, general business advisory and
taxation matters. His expertise is spread across a diverse range of industries,
with a highly regarded reputation for specialist advice in the manufacturing,
mining and mining services and the oil and gas industries. He has significant
exposure to businesses in South Australia, Queensland, the Northern Territory
and Western Australia. Holding positions on the Board of Directors for numerous
large private companies, Stephen's business and commercial skills allow him to
actively advise and be involved in the running of these businesses. Stephen is a
Member of the Institute of Chartered Accountants in Australia and a Fellow
Member of the Taxation Institute of Australia. 


For clarification, the Company's current officers and directors are as follows:



Richard Switzer: CEO, President, Director                                   
James O'Byrne: Chair, Director                                              
Richard Barnett: CFO, Secretary                                             
Joe DeVries: Director                                                       
Jurgen Wolf: Director                                                       
Stephen Watts: Director                                                     



ON BEHALF OF THE BOARD 

Joe DeVries, Director

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.


This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements relating to the completion of
a private placement of convertible debentures to raise up to $15,000,000 and
other future plans, objectives or expectations of the Company are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's plans or expectations include risks relating to:
availability of capital and financing required to complete subsequent tranches
of the proposed private placement and to continue the Company's exploration and
development plans; general economic, market or business conditions; and other
risks detailed herein and from time to time in the filings made by the Company
with securities regulators. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise except as otherwise
required by applicable securities legislation.
Altima Resources (TSXV:ARH)
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