Bonterra to Acquire Metanor, Expanding Strategic Position in Urban Barry Camp and De-risking Potential Path to Production VANCOUVER, June 18, 2018 /PRNewswire/ -
Bonterra Resources Inc. ("Bonterra" or the "Company") (TSX-V:BTR, US:BONXF, FSE:9BR1) and
Metanor Resources Inc. ("Metanor") (TSX-V:MTO) are pleased to announce that they have entered into a binding letter of intent dated June 17, 2018 (the "LOI") to combine Bonterra and Metanor (the "Transaction") to create an exciting new advanced Canadian gold exploration and development company focused on becoming the leader in the building out and future mining development of the Urban Barry Quebec Gold Camp.
The Transaction contemplates that Bonterra will acquire all of the issued and outstanding common shares of Metanor for C$0.73 in equity consideration, at an exchange ratio of 1.6039 Bonterra shares, for each Metanor share. Immediately prior to the completion of the Metanor acquisition, Bonterra will spin out its Larder Lake assets in Ontario, Canada, and a specified amount of cash (the "Spin-Out"), in order to create a well-capitalized and exciting new exploration opportunity for its shareholders.
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