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.
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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:
Kirkland Lake Gold almost doubles stake in Osisko Mining Cecilia Jamasmie | about 3 hours ago |
Kirkland Lake Gold almost doubles stake in Osisko Mining At the Macassa Mine in Ontario (pictured), Kirkland Lake expects to produce between 220,000 and 225,000 ounces of gold this year. (Image courtesy of Kirkland Lake Gold.)
Kirkland Lake Gold (TSX, NYSE:KL) has almost doubled its stake in fellow Canadian precious metals explorer Osisko Mining (TSX:OSK) by acquiring about 15 million common shares for around C$25 million ($19m) in cash.
With the investment, the Toronto-based miner increased its interest from the existing 8.58% to 13.61%, while its shareholding in Osisko now stands at 32,627,632 shares.
The move also expands Kirkland’s ownership of interest in the Urban Barry area of northwestern Quebec, which the company believes to be “highly prospective mining camp in the prolific Abitibi-Greenstone belt.”
“The investment is complementary to our existing interests in Metanor Resources Inc. and Bonterra Resources Inc., both of which have high-potential exploration holdings in the same area,” president and chief executive Tony Makuch said in the statement.
Kirkland is now targeting about 635,000 ounces of gold production for the year coming from both its Australian and Canadian mines.
Bonterra and Metanor both Receive Securityholder Approval of their Respective Plans of Arrangement Bonterra and Metanor Provide Transaction Timing Update VANCOUVER and VAL-D'OR, QC, Sept. 18, 2018 /PRNewswire/ -
BONTERRA RESOURCES INC. ("Bonterra") (TSX-V:BTR, US:BONXF, FSE:9BR1) and METANOR RESOURCES INC. ("Metanor") (TSX-V:MTO) are pleased to announce that each of their respective previously announced plans of arrangement (respectively, the "Bonterra Arrangement" and the "Metanor Arrangement"), have been approved by their respective securityholders today.
The Bonterra Arrangement, which involves spinning out of certain assets of Bonterra to Gatling Exploration Inc. ("Bonterra Spinco" or "Gatling"), was approved by shareholders and optionholders of Bonterra (together, the "Bonterra Securityholders") at a special meeting (the "Bonterra Meeting") of the Bonterra Securityholders held today. At the Bonterra Meeting, a special resolution approving the Bonterra Arrangement was approved by: (i) 97.58% of the votes cast by Bonterra shareholders; and (ii) 97.76% of the votes cast by Bonterra Securityholders, voting together as a single class. The Metanor Arrangement, which involves acquisition of all shares of Metanor by Bonterra was approved by shareholders and optionholders of Metanor (together, the "Metanor Securityholders") at a special meeting (the "Metanor Meeting") of the Metanor Securityholders held today. At the Metanor Meeting, a special resolution approving the Metanor Arrangement was approved by: (i) 87.44% of the votes cast by Metanor shareholders; and (ii) 87.96% of the votes cast Metanor Securityholders, voting together as a single class.
Bonterra Resources Inc. (CNW Group/Bonterra Resources Inc.)
Both arrangements are still subject to final approval by the TSX Venture Exchange ("TSX-V") and the Supreme Court of British Columbia (the "BC Court"), in the case of the Bonterra Arrangement, and the Superior Court of Quebec (the "Quebec Court"), in the case of the Metanor Arrangement. The BC Court hearing for obtaining a final order approving the Bonterra Arrangement is scheduled to take place on September 20, 2018. The Quebec Court hearing for obtaining a final order approving the Metanor Arrangement is scheduled to take place on September 21, 2018.
Completion of both arrangements is expected to occur on September 24, 2018. The Bonterra Arrangement will be completed first, followed immediately by the Metanor Arrangement. Under the Bonterra Arrangement, Bonterra shareholders of record at the close of business on Friday, September 21, 2018, will receive one common share of Gatling for every seven common shares of Bonterra held.
Upon completion of the Metanor Arrangement, all of shares of Metanor shall be owned by Bonterra. Holders of Metanor shares will not have any right to receive any Bonterra Spinco shares under the Bonterra Arrangement.
Under the Bonterra Arrangement, Gatling shall receive Bonterra's Larder Lake assets in Ontario and approximately $7,000,000 in cash. An application for listing of the Gatling shares on TSX-V has been filed, however listing is subject to final TSX-V acceptance.
Additional information regarding the terms of the Metanor Arrangement are set out in Metanor's management information circular dated August 15, 2018, which is available under Metanor's profile at www.sedar.com.
Additional information regarding the terms of the Bonterra Arrangement are set out in Bonterra's management information circular dated August 15, 2018, which is available under Bonterra's profile at www.sedar.com.
ON BEHALF OF THE RESPECTIVE BOARDS OF DIRECTORS,
Nav Dhaliwal, President & CEO Bonterra Resources Inc.
Greg Gibson, Interim CEO Metanor Resources Inc.
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.
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation concerning the completion of the Bonterra Arrangement and the Metanor Arrangement. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding Bonterra's and Metanor's ability to complete the Bonterra Arrangement and Metanor Arrangement, respectively, and the anticipated effective date of the Bonterra Arrangement and Metanor Arrangement, which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: uncertainties as to the timing of the Bonterra Arrangement and Metanor Agreement and satisfaction of the respective conditions thereto, market conditions and other risk factors listed from time to time in Bonterra's and Metanor's reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and both Bonterra and Metanor disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
New High-Grade Zone Located North of Gladiator near Surface with 27.4 g/t Au over 7.0 m VANCOUVER, Sept. 19, 2018 /PRNewswire/ -
Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) (the "Company" or "Bonterra") is pleased to announce the discovery of a new high grade gold zone near surface to the north of the Gladiator Gold Deposit with an intersection of 27.4 g/t Au over 7.0 m. This new high-grade mineralization is located approximately 200 m north of the most northerly Gladiator zone (North Zone) and was located by drill hole BA-18-60 above 100 m in depth. The mineralization and characteristics of this zone are very similar to the Gladiator Deposit and are similar to the Company's current geological model. The model consists of parallel veins or zones and is open along strike and at depth. The recently optioned "Duke" property boundary areas have allowed the Company access for exploration into these areas of interest. This high- grade intersection occurs on Bonterra's 100% owned Gladiator property. Follow up drilling is underway in order to test down dip and strike continuity.
Bonterra Resources makes major acquisition that will aid flagship Gladiator Project
Proactive Investors Stocktube Uploaded on Sep 18, 2018 Bonterra Resources (CVE:BTR) CEO Nav Dhaliwal dropped by the Vancouver Studios of Proactive Investors to share details about the companies multi million dollar acquisition and some major news about new targets at their Flagship project Gladiator.
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