Bonterra Resources Closes Financing For Over $2.5 Million Bonterra Resources Closes Financing For Over $2.5 Million
Vancouver, BC – July 7, 2015: BonTerra Resources Inc. (TSX-V: BTR) (the “Company”) is pleased to announce that, further to its news release dated June 9, 2015 the Company has closed a non-brokered private placement financing (the “Private Placement”) for total gross proceeds of $2,536,004.28.
The Company has allotted and issued 6,527,274 flow-through shares (the “FT Shares”) at a price of $0.22 per FT Share, 2,083,350 flow-through units (the “FT Units”) at the price of $0.24 per FT Unit, and 3,000,000 non-flow through units (the “NFT Units”) at the price of $0.20 per NFT Unit. The total gross flow-through dollars raised is $1,936,004.28 and gross hard dollars is $600,000.
The FT Units are comprised of one flow-through common share and one share purchase warrant, with each share purchase warrant entitling the holder to purchase one additional non-flow-through common share of the Company for a period of up to two years at a price of $0.35. The NFT Units are comprised of one common share and one share purchase warrant, with each share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of up to three years at a price of $0.30.
In addition, the Company has paid a finder’s fee of an aggregate $158,020 and 715,242 finder’s warrants to Medalist Capital Ltd. and Pope & Company Ltd. 690,242 of the finder’s warrants are exercisable by the holder to acquire one common share of the Company for a period of two years at a price of $0.20 and the other 25,000 finder’s warrants are exercisable by the holder to acquire one common share of the Company for a period of three years at a price of $0.30.
Forthwith upon closing the Private Placement, Oban Mining Corp. (“Oban”) became an insider to the Company holding 19.9% of the common shares of the Company. Oban shall have the right to nominate one member to the Company’s Board of Directors.
The Company intends to use the proceeds from the Private Placement to conduct further exploration on its Gladiator Project and for general working capital. All securities issued under the Private Placement are subject to a four-month and one-day hold period.
About BonTerra Resources
BonTerra is a Canadian gold exploration company based in Vancouver, BC, focused on continuing to expand its NI 43-101 compliant gold resource on its West Arena Property, part of the world famous Abitibi Greenstone Belt in mining-friendly Quebec. BonTerra’s Gladiator Project is in the Urban-Barry Greenstone Belt and is comprised of three properties: West Arena, East Arena, and Coliseum Properties. The Gladiator Project is located approximately 170 km NE of Val-d’Or and 125 km SW of Chibougamau in the Urban, Barry and Bailly townships in Qubec.
For further information, please contact Nav Dhaliwal, President, at nav@bonterraresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Nav Dhaliwal”
Nav Dhaliwal, President
604.678-5308
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking information" that is based on Bonterra’’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Bonterra’s exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Bonterra disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.