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Bonterra Resources Announces Closing of $32 million Private Placement
Val D'or, Quebec--(Newsfile Corp. - August 20, 2019) - Bonterra Resources Inc.   (TSXV...
About this update from Bonterra Resources, Inc.
[{"type":"text","content":"Bonterra Resources Announces Closing of $32 million Private PlacementVal D'or, Quebec--(Newsfile Corp. - August 20, 2019) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) (the \"Company\" or \"Bonterra\") is pleased to announce that it has closed the previously announced brokered private placement for gross proceeds of $31,962,910 (the \"Offering\").Pursuant to the Offering, Bonterra issued (a) 7,385,000 units of the Company (the \"Units\") at a price of $2.50 per Unit for gross proceeds of $18,462,500, (b) 2,166,670 flow-through units of the Company (the \"FT Units\") at a price of $3.00 per FT Unit for gross proceeds of $6,500,010, and (c) 1,628,000 super flow-through units of the Company (the \"Super FT Units\") at a price of $4.30 per Super FT Unit for gross proceeds of $7,000,400. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant is transferrable and entitles the holder to acquire one common share of the Company until August 20, 2021 at price of $3.10 per common share.Each FT Unit consists of one common share of the Company issued on a flow-through basis (a \"FT Unit Share\") and one-half of one Warrant. Each Super FT Unit consists of one common share of the Company issued on a flow-through basis that will also qualify for the two 10% enhancements under section 726.4.9 and section 726.4.17.1 of the Quebec Taxation Act (a \"Super FT Unit Share\") and one-half of one Warrant. Sprott Capital Partners LP acted as lead agent on behalf of a syndicate of agents which included PI Financial Corp., RBC Dominion Securities Inc. and Haywood Securities Inc. (collectively, the \"Agents\"). In connection with the Offering, the Agents received a cash fee in an amount equal to 6% of the gross proceeds of the Offering. The gross proceeds from the issuance of the FT Units and Super FT Units will be used for Canadian exploration expenses and will qualify as \"flow-through mining expenditures\", as defined in subsection 127(9) of the Income Tax Act (Canada). The net proceeds from the Units sold will be used for on-going exploration and development work on the Company properties and for general corporate purposes. The securities to be issued under the Offering will be subject to a hold period of four ...