Business
Valterra Closes First Tranche and Increases Offering for Oversubscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2018) - Valterra Resource Corporatio...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Valterra Closes First Tranche and Increases Offering for Oversubscribed Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 29, 2018) - Valterra Resource Corporation (TSXV: VQA) (\"Valterra\" or the \"Company\") reported today that it has closed the first tranche of the previously reported non-brokered private placement, announced on February 26, 2018, by issuing 7,753,667 units at a price of $0.03 per unit for gross proceeds of $232,610. Securities issued pursuant to this tranche of the private placement, including common shares and share purchase warrants carry a legend restricting trading of the securities until July 29, 2018.As well, the private placement has been increased by $90,000 or 3.0 million units at a price of $0.03 per unit. The Company now plans to issue up to 10,000,000 units in a non-brokered private placement for total gross proceeds of $300,000. The units have the same terms as previously announced. All additional securities issued in connection with the offering will be subject to a hold period expiring four months and one day following the final closing of the offering.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 these offerings.Net proceeds from the private placement will be used to fund costs associated with property maintenance costs for the Swift Katie project, corporate sustaining costs payable to third party service providers and for working capital. $11,990 of the proceeds will be paid to a director of the Company for the provision of geological consulting services. The private placement is subject to regulatory approval.Valterra intends to make the private placement available to existing security holders in accordance with the provisions of BC Instrument 45-534 — Exemption from prospectus requirement for certain trades to existing security holders and in accordance with the provisions of various corresponding blanket orders and rules of other Canadian jurisdictions that have adopted the same or a similar exemption from prospectus requirement. The Company has set February 23, 2018 as the record date for the purpose of determining existing shareholders entitled to purchase units pursu...