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Valterra Announces Private Placement; Acquires Lima Gold Project in Brazil
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2020) - Valterra Resource Corporation ...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Valterra Announces Private Placement; Acquires Lima Gold Project in BrazilVancouver, British Columbia--(Newsfile Corp. - May 29, 2020) - Valterra Resource Corporation (OTCQB: VRSCF) (\"Valterra\" or the \"Company\") reported today that it plans to issue up to a total of 15,000,000 units, in a non-brokered private placement at a price of $0.05 per unit for gross proceeds of Cdn $750,000. Each unit will consist of one common share and one warrant, with each warrant exercisable to purchase one common share for a period of 4 years at $0.10. 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. The private placement is subject to regulatory approval. Finders' fees and commissions may be paid by Valterra in relation to this issuance.Net proceeds from the private placement will be used to acquire a private Brazilian company that has a purchase agreement to acquire a 100% interest in the 172 ha freehold Lima Property for a purchase price of Cdn$500,000, as well as initial exploration work in preparation for bulk sampling at Lima, and for general working capital.About Lima Property, Poconé District, BrazilValterra has entered into an agreement to acquire a 100% interest in the freehold Lima Property for a purchase price of Cdn$500,000 via purchase of a private Brazilian company. Management believes that this is a rare opportunity to acquire a highly-prospective gold property at exceptionally attractive terms which has the potential to be fast-tracked to production. It is a Laterite-type gold project with easy logistics in the productive Poconé District. The project comes with a proven operational team in a mature mining district with very attractive economics. Existing mines in the District require no blasting as a result of deep weathering and consist of free-digging open-pit operations, typically to a depth of up to 80 metres. The Lima Project is located within the Poconé Mining District, in central Brazil's Cuiabá Basin (Baixada Cuiabana), in the southern part of the state of Mato Grosso, just 10 minutes' drive from the town of Poconé, a mining town of 32,000. Access to the...