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Valterra Announces Private Placement; Option to Acquire Livramento Gold Project in Brazil
Vancouver, British Columbia--(Newsfile Corp. - September 17, 2020) - Valterra Resource Corpor...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Valterra Announces Private Placement; Option to Acquire Livramento Gold Project in BrazilVancouver, British Columbia--(Newsfile Corp. - September 17, 2020) - Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) (\"Valterra\" or the \"Company\") reported today that it plans to issue up to a total of 30,000,000 units in a non-brokered private placement at a price of $0.10 per unit for gross proceeds of Cdn $3.0M. Each unit will consist of one common share and one-half warrant, with each full warrant exercisable to purchase one common share for a period of 3 years at $0.15. 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 of the financing will be used to advance Valterra's recently implemented Brazilian gold program and for working capital.Valterra's management has launched a new strategy for the Company with a near to mid-term goal to generate revenue through the acquisition and development of small under-capitalized laterite-type freehold gold deposits with processing mills, that have significant scope for growth in the Poconé Gold District, Brazil. The first step in Valterra's new strategy is the acquisition of private Brazilian company, Poconé Mining Mineração Ltda (\"PMM\"), which owns the Lima property located in the Poconé - Cuiaba Gold Belt (see NR-03-20, 29 May, 2020). The transaction is subject to TSX Venture Exchange approval. With the acquisition of PMM, Valterra will also hold an option to purchase a 100% interest in the Livramento Gold Project. PMM has completed an initial down-payment for the past-producing 250ha property and mill. Net proceeds of this financing will be used to complete the next stage of payments to acquire 100% of the Livramento Gold Project for (USD 3.77m), to be paid in instalments over 18 months, as well as for additional exploration and geological modelling which will lead to an updated NI-43-101 technical report, and for working capital. As part of this process, PMM will us...