Business
Valterra Announces Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 17, 2020) - Valterra Resource Corpora...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Valterra Announces Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 17, 2020) - Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) (\"Valterra\" or the \"Company\") reported today that it plans to issue up to 12,000,000 units at $0.10 per unit in a private placement for total gross proceeds of CDN$1,200,000. Each unit will consist of one common share and one-half share purchase warrant, with each full warrant exercisable for two years with the right to purchase one common share at an exercise price of $0.15 per share. Finders' fees and commissions may be paid by Valterra in relation to this issuance. The Company will make provision for an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional units beyond the number of units in this offering. The securities issued upon closing of this offering will be subject to a hold period of four months and one day from issuance. Management and certain Insiders have committed to lead orders of $300,000.Net proceeds from the private placement will be used to fund costs associated with the second phase of a two phase exploration program on the Los Reyes Au-Cu project, Mexico. A phase I, surface mapping and sampling program followed by a short 8 to 10 line-kilometre IP geophysical program over the target area has been successfully completed. Permits are in place for the phase II exploration program which will consist of a six to eight core hole drill program anticipated in Q1/Q2, totaling up to 2,500m which will test a 400 metre strike length of the target Cu-Au skarn. Management believes that the Los Reyes Au-Cu project, Mexico, has significant near-term exploration potential for a high-grade Cu-Au mineral resource. Net proceeds will also be used for general working capital which includes: G&A, property maintenance and property option payments for all of the company's projects. The private placement is subject to regulatory approval.About Valterra Resource CorporationValterra is a Manex Resource Group Company. The group provides expertise in exploration, administration, and corporate development services for Valterra's mineral properties located in British Columbia, Nevada and Mexico. Valterra is focused on early stage properties with the potential to host large deposits in regions with excellent infrastructure. Valterra owns a 100% inter...