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Bonterra Completes Second and Final Tranche of Private Placement for Total Gross Proceeds of $15 Million
Val-d'Or, Quebec--(Newsfile Corp. - December 15, 2020) - Bonterra Resources Inc. (TSXV: BTR) ...
About this update from Bonterra Resources, Inc.
[{"type":"text","content":"Bonterra Completes Second and Final Tranche of Private Placement for Total Gross Proceeds of $15 MillionVal-d'Or, Quebec--(Newsfile Corp. - December 15, 2020) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) (\"Bonterra\" or the \"Company\") is pleased to announce that it has closed the second and final tranche of the non-brokered private placement previously announced on November 23, 2020, December 3, 2020 and first tranche closing on December 9, 2020 (the \"Offering\"). In the final tranche, the Company raised aggregate gross proceeds of $2,729,625 (the \"Final Tranche\") from the sale of 2,373,587 common shares of the Company (the \"Shares\") at a price of $1.15 per Share. The total number of Shares sold in the Offering was 13,043,478 for aggregate gross proceeds for all tranches of $15 million. The Company is pleased to have received significant support and participation from its existing shareholders in the Offering, including Wexford Capital LP, Ruffer LLP and CDPQ Sodémex Inc. In connection with the closing of the Final Tranche, the Company will pay finder's fees to an arm's length finder of $11,500 in cash.The net proceeds of the Offering will be used to fund drilling campaigns at Bonterra's Moroy, Gladiator and Barry projects and to prepare a resource estimate update and a Preliminary Economic Assessment (\"PEA\") on these three projects and for general working capital purposes. The PEA is expected to be completed in the fall of 2021. Along with a total of 124,000 m drilled since the 2019 resource estimates on the Moroy, Gladiator and Barry projects as well as the bulk sample at Moroy, the Company expects these initiatives to help demonstrate the value of the Company's assets. The Shares issued in the Final Tranche of the Offering are subject to a statutory hold period expiring on April 16, 2021. The Offering remains subject to final acceptance by the TSX Venture Exchange.FOR ADDITIONAL INFORMATION: Pascal Hamelin, President and Chief Executive OfficerPeter O'Malley, Director, Chair of the Special CommitteeEmail: [email protected] Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9819-825-8678 | Website: www.btrgold.comNeither 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 accura...