Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

BonTerra Resources Inc V.BTR

Alternate Symbol(s):  BONXF

Bonterra Resources Inc. is a Canada-based gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company is engaged in the business of acquiring, exploring, and evaluating natural resource properties in the province of Quebec. The Company’s assets include Gladiator, Barry, Moroy, and Bachelor. The Company holds a 100% interest in 436 mineral claims covering 22,779.32 hectares surrounding the town of Desmaraisville. The Bachelor Mine is located on one mining concession, and one mining lease, four kilometers (km) south of Highway 113 and 90 km northeast of the city of Lebel-sur-Quevillon. The Company holds a 100% interest in 21 mineral claims in the city of Val-d’Or in Quebec covering 457.53 hectares. The Company holds a 90% interest in two mining leases north of the town of Skead within the city of Greater Sudbury in Ontario. The two mining leases cover an area of approximately 129.99 hectares.


TSXV:BTR - Post by User

Bullboard Posts
Post by gnote1on Nov 11, 2020 8:19am
218 Views
Post# 31876226

Corporate Update- $1.60 buyout not good enough!

Corporate Update- $1.60 buyout not good enough!

 

Bonterra Provides Corporate Update

 

2020-11-11 08:01 ET - News Release

 

Val-d'Or, Quebec--(Newsfile Corp. - November 11, 2020) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONX) (FSE: 9BR2) ("Bonterra" or the "Company") announces that it intends to pursue a financing of up to $10 million. The Company is in discussions with certain of its shareholders over the terms of the proposed financing.

The proceeds of the financing would be used to fund drilling at Bonterra's Moroy, Gladiator and Barry projects in support of a resource estimate update and Preliminary Economic Assessment ("PEA") on these three properties and for general working capital purposes. The PEA is expected to be completed in the fall of 2021. Along with 124,000 m drilled since the 2019 resource estimates on the Moroy, Gladiator and Barry projects as well as the bulk sample at Moroy, the Company expects these initiatives to help demonstrate the value of the Company's assets.

Bonterra also wishes to announce that on November 6, 2020, the Company received an opportunistic non-binding letter of intent from a large third party regarding an all-share acquisition of the Company. This unsolicited approach, which has since expired, valued the Company at approximately $1.60 per share based on the parties' relative trading prices on November 6, 2020 and would have required that the Company effectively cease its financing activities, which are necessary to fund its operations, for the rest of the year. Consistent with its fiduciary duties, the Bonterra board of directors ("Bonterra Board") carefully reviewed the unsolicited approach together with legal and financial advisors. The Bonterra Board made an initial determination that the unsolicited approach significantly undervalued the Company and its long-term prospects.

The Bonterra Board has created a special committee of Normand Champigny, Peter O'Malley and Jean Rainville, each of whom is an independent director, to assist the Company in finalizing the terms of the proposed financing and to evaluate strategic alternative transactions that maximize value for shareholders. RBC Capital Markets is serving as financial advisor and Osler, Hoskin & Harcourt LLP is serving as legal advisor to the special committee. The Company intends to provide updates if and when necessary in accordance with applicable securities laws.

Bullboard Posts