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Valterra Closes Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 10, 2020) - Valterra Resource Corporation ...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Valterra Closes Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 10, 2020) - Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) (\"Valterra\" or the \"Company\") has closed the second and final tranche of its previously reported private placement by issuing 20,910,000 units at a price of $0.05 per unit for gross proceeds of $1,045,500. In total, the Company has now closed 28,170,000 units in two tranches for total gross proceeds of $1,408,500. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of four years at an exercise price of $0.10 per common share. Securities issued pursuant to the private placement, including common shares and share purchase warrants, carry a legend restricting trading of the securities until October 16, 2020 for the first Tranche and until November 10, 2020 for the second and final Tranche. The final closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. Finders' fees and commissions may be paid by Valterra in relation to this issuance. Net proceeds from the private placement will be used to fund a private Brazilian company wholly owned by Valterra 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, reportedly mined to a depth of up to 80 metres. The Lima Project is lo...