Bonterra Resources orchestrates $5M private placement to pay for exploration costs
Bonterra Resources (CVE:BTR) (OTCMKTS:BONXF) is looking to raise more than $5 million by orchestrating a private placement in a bid to pay down its exploration expenses.
After striking an agreement with Sprott Capital Partners LP, the Canadian gold exploration company will offer up to 1.3 million of its shares – the “FT shares” – on a flow-through basis at a price of $2.25 per share to reap gross proceeds of as much as $3,001,500. It will also sell up to 834,000 shares – “the Quebec FT shares” – to win additional gross proceeds of up to $2,001,600.
READ: Bonterra Resources continues to advance high-grade assets in Quebec
In related news, Bonterra is also permitting its agents the chance to rachet up the size of the placement by as much as C$1 million, which can be exercised at any time up to the three business days preceding the offering’s close.
The offering is set to close on or around December 12 and all the stock issued will be subject to a hold period of four months and one day from the date of its issuance. Also, the TSX Venture Exchange must approve the deal.
Gross proceeds from the private placement will be used to fund expenses related to exploration and will qualify as “flow-through mining expenditures”, according to Canadian income tax rules.
Bonterra is a junior gold explorer with assets in the Urban-Barry mining camp, in the Canadian province of Quebec.
Its assets are within a large land package of nearly 21,000 hectares and include the high-grade Gladiator, Barry and Moroy gold deposits, the Urban-Barry mill and multiple highly prospective exploration prospects.
Bonterra shares held steady at US$1.45 in over-the-counter-trade during the late afternoon session on Tuesday.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/907405/bonterra-resources-orchestrates-5m-private-placement-to-pay-for-exploration-costs-907405.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).