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Valterra Announces Private Placement; Drilling Plan for the Los Reyes Gold-Copper Project, Chihuahua, Mexico
Vancouver, British Columbia--(Newsfile Corp. - June 7, 2021) - Valterra Resource Corporation...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Valterra Announces Private Placement; Drilling Plan for the Los Reyes Gold-Copper Project, Chihuahua, MexicoVancouver, British Columbia--(Newsfile Corp. - June 7, 2021) - Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) (\"Valterra\" or the \"Company\") plans to issue up to 25,000,000 units at $0.05 per unit in a private placement for total gross proceeds of Cdn$1,250,000. Each unit will consist of one common share and one-half share purchase warrant, with each full warrant exercisable for three years with the right to purchase one common share at an exercise price of $0.10 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.A portion of net proceeds from the private placement will be used to fund costs associated with an exploration program on the Los Reyes Au-Cu project, Mexico. The Company completed surface mapping and sampling, followed by a limited IP geophysical program at the property. Surface samples of the oxidized copper mineralization are extremely encouraging, with 22 of 28 samples collected averaging 3.08% Cu. Permits are in place for a four to six core hole program totaling up to 2,000m. Drilling will test a 400-metre strike length of exposed Cu-Au skarn. Management believes that the project 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. 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 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% interest in the Swift-Katie copper - gold porphyry property in British Columbia and an option to acquire a 100% interest...