Bonterra Resources Inc. (TSX-V:BTR) (US: BONXF) (FSE: 9BR1) is pleased to announce that it has closed its previously announced brokered private placement for gross proceeds of $21,495,000. Sprott Capital Partners acted as lead agent on behalf of a syndicate of agents which included INFOR Financial Inc., Red Cloud Klondike Strike Inc., Laurentian Bank Securities Inc. and PI Financial Corp.
Pursuant to the Offering, Bonterra issued 13,300,000 common shares of the Company on a flow‑through basis at a price of $0.75 per Super FT Share and 19,200,000 common shares of the Company on a flow-through basis at a price of $0.60 per National FT Share. Collectively the Super FT Shares and FT Shares are the “Offered Securities“.
The gross proceeds from the issuance of the Offered Securities will be used for Canadian Exploration Expenses and will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada). The Super FT Shares will also qualify for the two 10% enhancements under section 726.4.9 and section 722.214.171.124 of the Quebec Taxation Act, which will be renounced with an effective date no later than December 31, 2018 to the initial purchasers of the Offered Securities in an aggregate amount not less than the gross proceeds raised.
In connection with the Offering, the Agents received a cash fee in an amount equal to 6.0% of the gross proceeds of the Offering. As additional consideration, the Company granted to the Agents common share purchase warrants entitling the Agents to subscribe for that number of common shares equal to 4.0% of the aggregate number of Offered Securities placed in the Offering. Each Broker Warrant is exercisable to acquire one common share at a price equal to $0.60 for a period of 24 months after the closing date. All securities issued under the Offering will be subject to a four month hold period from the date of issue in accordance with applicable securities laws. The Offering is subject to final acceptance of the TSX Venture Exchange.
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