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Valterra Resource Amends Previously Announced Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 6, 2020) -   Valterra Resource Co...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Valterra Resource Amends Previously Announced Private PlacementVancouver, British Columbia--(Newsfile Corp. - November 6, 2020) -  Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) (\"Valterra\" or the \"Company\") reports today that the Company has amended the current private placement, which was initially announced on September 17, 2020, so that it now consists of up to 20,000,000 units at a price of $0.075 per unit for a total of $1,500,000. 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 $0.125. 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. Net proceeds of the financing will be used to advance Valterra's recently implemented Brazilian gold program and for working capital. Finder's fees and commissions may be paid by Valterra in relation to this issuance. This amended private placement is subject to TSX Venture Exchange approval.Brazil Project UpdatesValterra recently announced that it had commenced a 5,000 tonne bulk sampling program at the Livramento Gold Project to better evaluate the grades of the existing vein system on the property (see NR-11-20, October 13, 2020). Valterra has mobilized additional equipment from storage and is utilizing the extensive existing infrastructure at Livramento to undertake this bulk sample. Livramento has an installed 30 tonne per hour mill that is in good condition and has commenced processing material. Prospective structures and veins for bulk sampling and resource delineation have already been identified. A workforce of 10 has commenced sampling, and management expects to gradually increase the workforce to 20 once the sampling programme moves from one to two 8-hour shifts. The focus of this initial bulk sample will be on testing the extent and grade of mineralization in existing pits and on trenching new exploration areas beneath shallow soil on virgin ground. The first gold pour from the bulk sample mill-run is expected by the end of November.The Lima Property is located within the Poconé Mining District, in central Bra...