Business
Bonterra Announces Results of Canada Revenue Agency Audit
Val-d'Or, Quebec--(Newsfile Corp. - January 16, 2026) - Bonterra Resources Inc. (TSXV: BTR) (OTC...
About this update from Bonterra Resources, Inc.
[{"type":"text","content":"Bonterra Announces Results of Canada Revenue Agency AuditVal-d'Or, Quebec--(Newsfile Corp. - January 16, 2026) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) (\"Bonterra\" or the \"Company\") announces that the Canada Revenue Agency (\"CRA\") is completing a tax audit (the \"Audit\") of the Company's renunciation of Canadian exploration expenses (\"CEE\") in favour of subscribers of the private placements of flow-through shares which closed in December 13, 2019 and October 21, 2021 (the \"Flow-Through Financings\") for aggregate gross proceeds of approximately C$16.96 million. Renunciations made pursuant to other flow-through offerings by the Company are not affected by the Audit.CRA has notified the Company of CRA's intention to reclassify approximately C$11.05 million of previously renounced CEE on the basis that they did not meet the definition of CEEs, as defined for income tax purposes (the \"Proposed Tax Adjustments\"). CRA's notification relies on the incorrect assumption that the Moroy Deposit constitutes an extension of the Bachelor Mine, a finding that Bonterra strongly disagrees with. Bonterra has voiced its disagreement with the Proposed Tax Adjustments and the audit process followed by the CRA, and intends to continue to vigorously defend its position by objecting to any forthcoming notice of reassessment. CRA will contact directly the subscribers of the Flow-Through Financings regarding a reassessment of deductions claimed in connection with the related CEEs. It is to be expected that the CRA will begin by providing notice of reassessments to subscribers in the December 2019 flow through financing (TIN#48427 and TIN#48428), with the other reassessment following later this year (TIN#49934). The Company anticipates that the reductions in renounced CEE will be made on a pro rata basis among all subscribers of the same financing. The Company agreed to indemnify subscribers for tax attributable to disallowed renunciations of CEE pursuant to the terms of the subscription and renunciation agreements entered into by the Company and the subscribers in connection with the Flow-Through Financings. The Company invites subscribers of the Flow-Through Financings who receive a notice of reassessment from CRA in connection with the Proposed Tax Adjustments to contact the Company as soon as possible in connection ...