The Prospector News

Bonterra Resources Announces Closing of $21.8 Million Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Bonterra Resources Announces Closing of $21.8 Million Private Placement

 

 

 

 

 

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 $21,817,100.

 

Sprott Capital Partners acted as lead agent on behalf of a syndicate of agents which included PI Financial Corp., Red Cloud Klondike Strike Inc., Canaccord Genuity Corp. and Haywood Securities Inc.  

 

Pursuant to the Offering, Bonterra issued 3,443,500 common shares of the Company on a flow-through basis at a price of $3.80 per FT Share and 2,646,000 common shares of the Company on a non-flow-through basis at a price of $3.30 per NFT Share.

 

The gross proceeds from the issuance of the FT Shares will be used for Canadian Exploration Expenses and will qualify as “flow-through mining expenditures” (the “Qualifying Expenditures“), as defined in subsection 127(9) of the Income Tax Act (Canada), which will be renounced to the subscribers with an effective date no later than December 31, 2018 to the initial purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares, as applicable, and, if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT Share subscriber for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed. The net proceeds from the NFT Shares will be used for on-going exploration and development work on the Company properties and for general corporate purposes.

 

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. 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.

 

In addition, the Company also wishes to announce a non-brokered private placement of FT Shares and Non-FT Shares on the same terms as the Offering to raise proceeds of up to $500,000. The Non-Brokered Offering is subject to acceptance of the TSX Venture Exchange and is expected to close in the immediate future. All securities issued under the Non-Brokered Offering will be subject to a four month hold period from the date of issue in accordance with applicable securities laws.  

 

Posted November 8, 2018

Share this news article

MORE or "UNCATEGORIZED"


Alamos Gold Announces Friendly Acquisition of Argonaut Gold

Unlocking Value Through the Creation of One of Canada’s Lar... READ MORE

March 27, 2024

Foremost Lithium Reports Widest Intercept to Date; 32.53 Metres of Spodumene-Bearing Pegmatite at its Zoro Lithium Project in Manitoba, Canada

Highlights Include: Drill hole FL 24-009 intersected 32.53 metres... READ MORE

March 27, 2024

WESTERN COPPER AND GOLD ANNOUNCES METALLURGICAL PROGRAM AND ASSOCIATED DRILL RESULTS

Western Copper and Gold Corporation (TSX: WRN) (NYSE American: WR... READ MORE

March 27, 2024

Endeavour Reports Strong FY-2023 Results

ENDEAVOUR REPORTS STRONG FY-2023 RESULTS Production of 1.1Moz at AISC of... READ MORE

March 27, 2024

Orezone Reports 2023 Year-end and Q4 Results, and Provides 2024 Guidance

Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) reported its o... READ MORE

March 27, 2024

Copyright 2024 The Prospector News