NEW STRATEGIC INVESTOR FOR METANOR: KIRKLAND LAKE GOLD April 4, 2017 – Val-d’Or, Québec, Canada –
Metanor Resources Inc. (the “Corporation“) (TSX-V: MTO) is pleased to announce that it intends to complete a private placement financing pursuant to which Kirkland Lake Gold Ltd. will acquire up to 103,571,429 Units of the Corporation (the “Units“) on a pre- consolidated basis at a price of $0.07 each, for gross proceeds in the amount of $7,250,000.
Each Unit will consist of one common share (“Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant“) which will entitle the holder to purchase one Share of the Corporation at a price of $0.09 for a period of 24 months following closing (on a pre-consolidation basis).
In addition, funds managed by Wexford Capital LP (“Wexford”) will be subscribing for 18,750,000 Units for gross proceeds in the amount of $1,312,500. Upon completion of the Offering,
Wexford will hold 14.2% of the issued and outstanding Shares on a non- diluted basis and 19.9% on a partially diluted basis assuming the exercise of Warrants.
METANOR ANNOUNCES THE RETIREMENT OF THE COMPANYS’ FOUNDERS - April 12, 2017 – Val-d’Or, Québec, Canada –
Metanor Resources Inc. (the “Company”) (TSX-V: MTO) announces the retirement of the Company’s’ founders Mr. Serge Roy, Executive Chairman and Mr. Ghislain Morin, President, CEO and director, effective immediately.
Mr. Greg Gibson, Chairman of the Board, has been appointed to the position of Interim Chief Executive Officer and Mr. Pascal Hamelin, Vice-president of Operations with the Company for the past 4 years, will take on the role of President and Chief Operating Officer. Mr. Hamelin is a member of the Ordre des ingénieurs du Québec and of the Professional Engineers of Ontario. He cumulates over twenty-five years of experience in mining engineering, operations, and project management in both surface and underground mining operations. Prior to joining the Company in 2010, he spent 16 years in the Sudbury mining camp for Inco Ltd. and the last 10 years in the Abitibi mining camp. Mr. Gibson states: “We appreciate and are grateful to the company founders Serge and Ghislain for their perseverance over the years in building the foundation of a Company that is now ready to move into its next phase. They leave the Company in a strong financial position and with an upcoming new strategic investor/partner Kirkland Lake Gold. We wish them happiness in their retirement and continued success in any future endeavors they decide to pursue. We look forward to advancing Metanor as a high grade, low cost operating company with untapped exploration potential in the heart of one of the most active regions in Canada.”
About the Company Metanor Resources Inc. is a Quebec based emerging gold producer having its main assets, the Bachelor mine and the Barry project, in addition to over 15,000 ha of exploration property, located in the mining-friendly jurisdiction of Quebec, in the heart of the Urban-Barry Camp. With the support of strategic investors, a strong management team experienced at all levels of project development and project financing, Metanor is seeking to develop additional projects in a responsible manner. Neither the 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 news release.
For more information, please contact: Ronald Perry, Vice-president Telephone: 514-262-8286 email: rperry@metanor.ca 2872, chemin Sullivan, suite 2 Val-d’Or, QC J9P 0B9
Metanor Closes $8.85 Million Private Placement V.MTO | 2 days ago VAL-D'OR, QUEBEC--(Marketwired - April 24, 2017) -
Metanor Resources Inc. (the "Corporation") (TSX VENTURE:MTO) is pleased to announce the closing of the previously announced private placement in the amount of $8,849,500, which includes the participation of Kirkland Lake Gold Ltd. ("Kirkland Lake Gold") in the amount of $7,250,000 and the investment by funds managed by Wexford Capital LP ("Wexford"), of $1,312,500.
Pascal Hamelin, President & COO, stated: "We are excited to now have the support of a strategic investor like Kirkland Lake Gold and we are also very encouraged by Wexford's decision to increase their initial investment in Metanor. These additional funds, coming from established partners having extensive management and operational expertise, will enable us to further develop our main assets: the Bachelor and Barry projects, while increasing the drill campaigns in the Urban-Barry area."
In connection with the private placement, a total of 12,642,143 units at a price of $0.70 each were issued. Each unit consisting in one common share and one-half of one common share purchase warrant, where each full warrant (the "Warrant") entitles the holder to purchase one common share of the Corporation at a price of $0.90 until April 21, 2019. All securities issued in the private placement are subject to a four month hold period from the date of issue.
Pursuant to the closing of the private placement, Kirkland Lake Gold now owns or controls 10,357,143 common shares and 5,178,572 Warrants, representing approximately 13.7% of the outstanding common shares of the Corporation and 19.3% of the outstanding common shares on a partially diluted basis, assuming exercise of the Warrants. Wexford, an insider of Metanor who previously held 8,833,350 common shares (14.06%) and 4,416,675 warrants acquired 937,500 Units. Pursuant to Policy 5.9 of the TSXV and Regulation 61-101 Respecting protection of minority security holders in special transactions, the investment by Wexford constitutes a "related party transaction" however, the Corporation is exempt from obtaining minority shareholder approval and a formal valuation as the fair market value of the consideration for the transaction, as it involves interested parties, does not exceed 25% of Metanor' market capitalization. Wexford now owns or controls 14.2% of the outstanding common shares and 19.9% on a partially diluted basis, assuming the exercise of their warrants.
In connection with the Offering, a finder's fee in an amount equal to 6.5% of the gross proceeds raised ($103,966) was paid, no fees have been paid in respect to the Kirkland Lake Gold investment. The private placement is subject to final acceptance of the TSX Venture Exchange.
About Metanor Resources Inc.
Metanor Resources Inc. is a Quebec based emerging gold producer having its main assets, the Bachelor mine and the Barry project, in addition to over 15,000 ha of exploration property, located in the mining- friendly jurisdiction of Quebec in the heart of the Urban-Barry Camp. With the support of strategic investors, a strong management team experienced at all levels of project development and project financing, Metanor is seeking growth through the development of its properties using a partnership approach with local communities.
Neither the 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 news release.
Ronald Perry Vice-president 514-262-8286 rperry@metanor.ca
Metanor Resources Inc. 819-825-8678 info@metanor.ca
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Val D’or, QC CANADA, March 18, 2019/CNW/ – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) (“Bonterra” or the “Company”) is pleased to announce that it has closed its previously announced brokered private placement for gross proceeds of $36,741,096 (the “Offering”). Pursuant to the Offering, Bonterra issued 14,359,000 common shares of the Company (“Common Shares”) at a price of $1.95 per Common Share, and an additional 3,273,800 Common Shares of the Company on a flow-through basis (“FT Shares”) at a price of $2.67 per FT Share. Collectively, the FT Shares and Common Shares issued pursuant to the Offering are referred to as the “Offered Securities.”
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, 2019. The net proceeds from the sale of Common Shares will be used for ongoing exploration and development work on the Company’s mineral properties and for general working capital purposes.
Sprott Capital Partners LP acted as lead agent on behalf of a syndicate of agents which included RBC Dominion Securities Inc. and PI Financial Corp. (collectively, the “Agents”). The Agents exercised in full their option to increase the size of the Offering by 20% of the number of Offered Securities, on the same terms and conditions under the Offering. In connection with the Offering, the Agents received a cash fee in an amount equal to 6% of the gross proceeds of the Offering. All securities issued under the Offering will be subject to a four month and one day hold period from the date of issuance in accordance with applicable securities laws. The Offering is subject to final acceptance of the TSX Venture Exchange (the “TSXV”).
Certain insiders (as such term is defined under applicable securities law) (“Insiders”) of the Company have subscribed for 2,050,000 Common Shares under the Offering. The issuance of Common Shares to Insiders pursuant to the Offering will be considered a related party transaction within the meaning of the TSXV Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 in respect of such Insider Participation. The participants in the Offering and the extent of such participation were not finalized until shortly prior to the completion of the Offering. Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the Offering pursuant to a material change report filed at least 21 days prior to the completion of the Offering.
Prior to the closing of the Offering, the Company agreed to convert $500,000 of indebtedness, payable to an arm’s length creditor, by issuing an aggregate of 250,000 common shares (the “Debt Settlement Shares”) at a price of $2.00 per Debt Settlement Share. The Debt Settlement Shares will be subject to a four month and one day hold period pursuant to applicable securities laws. The issuance of the Debt Settlement Shares is subject to final acceptance of the TSXV.
Bonterra Resources Inc. For further information on Bonterra, contact Investor Relations 2872 Ch Sullivan Bur. 2 Val-d’Or, Québec Office: 819-825-8678 Website: http://www.bonterraresources.com
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.
with Kirkland Lake Gold more involved it will add more knowledge to BONXF exploration and gold production - Let's get it back UP and much higher for its very undervalued and oversold - it should be a 10 bagger and better from here and that's why KL taking more positions smile)
Gold producer Kirkland Lake Gold increases stake in Bonterra Resources Kirkland Lake, which is also backed by mining impresario Eric Sprott, increased its holdings in Bonterra to around 11.3% or 8.5 million shares
Kirkland Lake Gold - Gold producer Kirkland Lake Gold increases stake in Bonterra Resources Bonterra recently closed a C$32 million financing to fund ongoing exploration at the company’s Quebec assets Mining giant Kirkland Lake Gold Ltd (TSE:KL) (NYSE:KL) has boosted its stake in Canadian gold explorer Bonterra Resources Inc (CVE:BTR), which recently closed a C$32 million financing to fund ongoing exploration at its Quebec assets.
Kirkland Lake, which has a market capitalization of over C$12 billion, acquired a further 2 million units of Bonterra at C$2.50 each for a total cash payment of C$5 million. Each unit consists of one share and one-half of one warrant entitling the gold producer to acquire an additional share at C$3.10 until August 20, 2021.
The gold producer, which is also backed by mining impresario Eric Sprott, increased its holdings in Bonterra to around 11.3% or 8.5 million shares from 10.2% or 6.5 million shares.Sprott owns around 5.2 million shares of Bonterra, or just over 8% of the company.
READ: Bonterra Resources raises C$32 million to bolster Quebec projects Kirkland Lake Gold has a long-term view of the investment, it said in a statement.
Bonterra has been advancing its gold projects in Quebec, which include the Gladiator, Barry and Moroy deposits as well as significant regional targets. It also has 100% ownership of the Urban-Barry Mill, the only permitted gold mill in the region.
Recent drilling at the Gladiator and Barry projects in Quebec intersected high-grade gold.
Drilling at Gladiator revealed intercepts of 18.5 grams per ton gold (g/t) over 3 metres in one hole, while another hit 13 g/t gold over 3 metres. At Barry, one drill hole intersected 11.6 g/t gold over 2.9 metres, extending the zone more than 50 metres to the west.
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