BonTerra Resources Inc. (
TSX: V.BTR) said it has closed its non-brokered private placement for total gross proceeds of $250,000 by the issuance of four million flow-through units at a price of $0.05 per flow-through unit, and one million non flow-through units at a price of $0.05 per non flow-through unit.
The flow-through units are comprised of one flow-through common share and one-half of one common share purchase warrant. The non flow-through units are comprised of one non flow-through common share and one-half of one warrant.
According to the BonTerra press release, each warrant entitles the holder to purchase an additional non flow-through common share of the company at a price of $0.10 per warrant share for a period of one year from the date of issue.
The proceeds from the flow-through units will be used to conduct the exploration program on the company's properties located in Quebec and the proceeds from the non flow-through units will be used to seek out potential property ventures and for general working capital purposes.
BonTerra is a Canadian gold exploration company based in Vancouver.
On Wednesday, BonTerra rose 20% and was trading at $0.03 per a share. The company had a market cap of $2.8 million, based on 92.5 million shares outstanding.