Get Ready, Gold Showing Signs It's headed to $1,700 or Higher - Analyst December's volatility has been a nail biter for gold but the last three days many contain the greatest clues as to where the metal is headed in 2018. ByDaniela Cambone Dec 18, 2017 8:54 AM EST
Bonterra Resources has proposed to acquire rival Canadian gold exploration and development firm Metanor Resources for C$78m ($58.93m) in an all-stock deal to expand its position in the Urban Barry Camp in Quebec, Canada.
The combined company of Bonterra and Metanor will gain control of three advanced high grade gold deposits in the form of Gladiator, Bachelor, Barry along with significant regional priority targets with resource upside potential.
According to Bonterra, the enlarged firm will also get 100% control of the only permitted gold mill in the Urban Barry Camp. The gold mill comes with an expandable centralized production facility and is surrounded by more than 15 known gold deposits located within a radius of 100km.
Bonterra expects the merger to help in de-risking its Gladiator project. The company said that Metanor’s mill infrastructure will give it the scope to significantly cut down the capital requirements and compress the timelines to push the Gladiator project towards potential production.
Bonterra president and CEO Nav Dhaliwal said: “We believe we will be able to develop a much larger and more significant resource profile within the Urban Barry Camp. The availability and ownership of a permitted and expandable processing facility certainly places Bonterra in an excellent position to rapidly and cost effectively become a significant Quebec based gold producer.”
As per the proposal, Bonterra will acquire all the shares of Metanor for C$0.73 ($0.55) in equity consideration. The exchange ratio of the deal will be 1.6039 Bonterra shares for each Metanor share.
Following the merger, existing Bonterra and Metanor shareholders will own about 58% and 42% stakes, respectively in the enlarged company.
Metanor chairman and interim CEO Greg Gibson said: “Putting together two, arguably, undervalued companies like Metanor and Bonterra is extremely beneficial and logical in a number of ways.
“Resource growth, exploration synergies and de-risking the path to production are all considerations, as well as potential to access different and larger markets and shareholders.”
Prior to the acquisition of Metanor, Bonterra plans to spin out its Larder Lake assets in Ontario along with a specified amount of cash. The company said that it is planning the move to create a well- capitalized and new exploration opportunity for its shareholders.
Do you have interesting content to share with us? Enter your email address so we can get in touch.
Eric Sprott Announces Support Agreement with Respect to Proposed Plan of Arrangement Between Metanor Resources Inc. and Bonterra Resources Inc. V.BTR, V.MTO | 18 hours ago
METANOR COVERS 8.4 G / T OVER 5.5 METERS IN MOROY July 5, 2018 - Val-d'Or, Quebec, Canada:
Metanor Resources Inc. ("Metanor") (TSX-V: MTO) is pleased to announce the results of the ongoing underground drilling program in the area Moroy, including new high grade results of 8.4 g / t Au over 5.5 meters, 11.0 g / t Au over 4.0 meters and 10.7 g / t Au over 4.4 meters.
These new results demonstrate the high grade continuity of the Moroy Zone along the eastward structure.
The drilling results of the new holes are as follows:
MY18-063 from 140.2 m to 145.7 m. 8.4 g / t Au over 5.5 m Intermediate volcanic rock, weakly hematised and epidotised, 0.5% to 1% finely disseminated pyrite.
MY18-054 from 87.8 m to 92.2 m 10.7 g / t Au over 4.4 m Sheared volcanic rock, weak to moderate hematite alteration, trace of finely disseminated pyrite.
MY18-070 from 140.5 m to 144.5 m 11.0 g / t Au over 4.0 m Intermediate volcanic rock, moderate to strong hematite alteration, 0.5-1% finely disseminated pyrite.
Highlights from the last 36 drill holes that intersected the gold mineralization are listed below:
Bonterra Resources Announces $20 million Private Placement and Share Consolidation
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Vancouver, BC – October 15, 2018 – Bonterra Resources Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1) (the “Company” or “Bonterra”) is pleased to announce that it has entered into an agreement with Sprott Capital Partners to act as lead agent (the “Lead Agent”), on its own behalf and, if applicable, on behalf of a syndicate of agents (collectively with the Lead Agent, the “Agents”), in connection with a marketed private placement to raise gross proceeds of up to $20,000,130 (the “Offering”).
Prior to closing of the Offering, the Company will consolidate its outstanding common shares on the basis of ten (10) existing common shares for one (1) new common share (the "Consolidation"). Upon completion of the Consolidation and prior to closing of the Offering, the Company is expected to have 39,749,870 issued and outstanding common shares. No fractional shares will be issued. In addition, there will be no change in the Company’s name or trading symbol. All securities issued under the Offering will be, and all prices in this release are, on a post-Consolidation basis.
The Offering will consist of a combination of (a) up to 1,973,700 common shares of the Company issued on a flow-through basis (the “FT Shares”) at a price of $3.80 per FT Share, and (b) up to 3,787,900 common shares of the Company issued on a non-flow-through basis (the “NFT Shares”) at a price of $3.30 per NFT Share. Collectively the FT Shares and NFT Shares are referred to as the “Offered Securities”.
In connection with the Offering, the Agents will be entitled to a cash fee in an amount equal to 6% of the gross proceeds of the Offering. As additional consideration, the Company will grant to the Agents common share purchase warrants (the “Broker Warrants”) entitling the Agents to subscribe for that number of common shares equal to 4.0% of the aggregate number of Offered Securities placed in the Offering. Subject to regulatory approval, each Broker Warrant will be exercisable to acquire one common share at a price equal to $3.30 for a period of 24 months after the closing date.
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, 2018 to the initial purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares, as applicable, and, if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Corporation will indemnify each FT Share subscriber for any additional taxes payable by such subscriber as a result of the Corporation’s failure to renounce the Qualifying Expenditures as agreed. The net proceeds from the NFT Share Offering will be used for on-going exploration and development work on the Company properties and for general corporate purposes. All Offered Securities will be subject to a four month hold period from the date of issue in accordance with applicable securities laws. The Consolidation and the Offering are subject to approval of the TSX Venture Exchange.
The Company will confirm the effective date of the Consolidation in a subsequent news release. The Offering is currently expected to close on November 8, 2018 or such other date or dates as the Company and the Lead Agent may agree.
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President & CEO Bonterra Resources Inc.
For further information on Bonterra, contact Investor Relations Telephone: 1 844 233 2034
News 
Market Data 
Discover 
