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Bonterra Resources arranges $10.14M private placement
2021-09-27 09:46 ET - News Release
Mr. Pascal Hamelin reports
BONTERRA ANNOUNCES $10 MILLION PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
Bonterra Resources Inc. has entered into an agreement with Cormark Securities Inc. to act as lead agent, on its own behalf and on behalf of a syndicate of agents, in connection with a best efforts private placement to raise gross proceeds of $10,143,000 through the issuance of 6.9 million flow-through shares of the company at a price of $1.47 per flow-through share.
The company has also granted to the agents an option, exercisable in whole or in part at any time up to 48 hours prior to the closing of the offering, which will allow the agents to sell up to an additional 15 per cent of the FT shares on the same terms.
In connection with the offering, the agents will be entitled to a cash fee in an amount equal up to 6 per cent of the gross proceeds of the offering.
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, as defined in Subsection 127(9) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec), which will be incurred on or before Dec. 31, 2022, and renounced to the subscribers with an effective date of no later than Dec. 31, 2021, in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares. In addition, with respect to Quebec-resident subscribers who are eligible individuals under the Taxation Act (Quebec), the Canadian exploration expenses will also qualify for inclusion in the exploration base relating to certain Quebec exploration expenses within the meaning of Section 726.4.10 of the Taxation Act (Quebec) and for inclusion in the exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses within the meaning of Section 726.4.17.2 of the Taxation Act (Quebec). 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 offering is expected to close on or about Oct. 19, 2021, and is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange. The offering is being made by way of private placement in Canada. The securities issued under the offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the offering
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