Business
Valterra Closes First Tranche of Private Placement; Provides Corporate and Property Update
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2020) - Valterra Resource Corporat...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Valterra Closes First Tranche of Private Placement; Provides Corporate and Property UpdateVancouver, British Columbia--(Newsfile Corp. - December 1, 2020) - Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) (\"Valterra\" or the \"Company\") reports that it has closed the first tranche of its previously reported private placement by issuing 7,220,330 Units at a price of $0.075 per unit for gross proceeds of $541,524.75. Each Unit consists of one common share and one half share purchase warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.125 per common share. 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 March 31, 2021. Finders' fees and commissions may be paid by the Company in relation to the units sold in this tranche. Net proceeds of the financing will be used to advance Valterra's recently implemented Brazilian gold program and for working capital. The private placement is subject to TSX Venture Exchange approval.Annual General MeetingAll ordinary resolutions placed before the annual general meeting held on November 30, 2020 were passed. Smythe LLP, Chartered Accountants were appointed as auditors of Valterra and the Company's rolling stock option plan was approved. Shareholders elected directors Lawrence Page, Q.C., Brian McGrath, Joseph A. Kizis, Jr. and John Kerr. The directors subsequently appointed Lawrence Page as President, Graham Thatcher as Chief Financial Officer and Arie Page as Corporate Secretary.The Company would like to thank retiring directors Edward Odishaw, Nigel Bunting and Donald Head for their many years of service to Valterra and to wish each of them well on their future endeavours. Brazil Project UpdateAs previously announced, Valterra has agreed to purchase all of the issued and outstanding quotas of Poconé Mining Mineracao Ltda (\"PMM\"), a private Brazilian company which holds a 100% interest in the Lima gold property and an agreement to purchase a 100% interest in the Livramento gold property, both located in the Poconé Mining District, Brazil (the \"Transaction\"). As consideration for the acquisition of PMM, the Company will issue 8,000,000 common shares in the capital of Valterra and 8...