Bonterra Resources Announces $5 million Private Placement of Flow-Through Shares V.BTR | 8 days ago Val-d'Or, Quebec--(Newsfile Corp. - November 19, 2019) -
Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) (the "Company" or "Bonterra") is pleased to announce that it has entered into an agreement with Sprott Capital Partners LP 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 "best efforts" private placement to raise gross proceeds of up to $5,003,100 (the "Offering").
The Offering will consist of a combination of, (i) up to 1,334,000 common shares of the Company issued on a flow-through basis at a price of $2.25 per common share (the "FT Shares") for gross proceeds of up to $3,001,500, and (b) up to 834,000 common shares of the Company issued on a flow-through basis at a price of $2.40 per common share (the "Quebec FT Shares") for gross proceeds of up to $2,001,600. Collectively the FT Shares and Quebec FT Shares shall be collectively referred to as the "Offered Securities".
In addition, the Company has granted the Agents an option to increase the size of Offering by up to an additional C$1,000,000, exercisable at any time up to three business days prior to the closing of the Offering, on the same terms and conditions under the Offering.
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.
The gross proceeds from the issuance of the Offered Securities 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) (the "Qualifying Expenditures"), the Quebec FT Shares will also qualify under section 359.1 of the Taxation Act (Quebec), which will be renounced to the subscribers with an effective date no later than December 31, 2019 to the initial purchasers of the Offered Securities in an aggregate amount not less than the gross proceeds raised from the issue of the Offered Securities, as applicable, and, if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Corporation will indemnify each Offered Security 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 securities to be issued under the Offering will be subject to a hold period of four months and one day from the date of issue in accordance with applicable securities laws. The Offering is subject to approval of the TSX Venture Exchange.
The Offering is currently expected to close on or about December 12, 2019 or such other date or dates as the Company and the Lead Agent may agree.
FOR ADDITIONAL INFORMATION:
Investor relations: Allan Folk 819-825-8678 ext. 250 | ir@btrgold.com
2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9 819-825-8676 | Website: www.btrgold.com
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 release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the Offered Securities, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
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.
Bonterra Intersects 18.26 g/t Au Over 1.7 metres at Gladiator V.BTR | 10 days ago Val-d'Or, Quebec--(Newsfile Corp. - April 2, 2020) -
Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) (the "Company" or "Bonterra") announces the results of assays received from recently completed drilling at the Gladiator deposit. Results include the intersection of 18.26 grams per tonne ("g/t") Au over an intersection length of 1.7 metres ("m").
Bonterra had planned an aggressive winter drill program at Gladiator consisting of 12,000 to 15,000 m. The focus was zone delineation and infill drilling aimed at increasing indicated resources and to support planning for future underground exploration. The start of the drill program was delayed due to warm winter temperatures and heavy snowfall which slowed ice-making on Barry Lake. Required ice levels were not achieved and drilling was limited to near the shore where Barry Lake was frozen to the bottom. Due to the Covid-19 outbreak, the Company terminated the drill program earlier than planned. A total of 2,572 m of drilling was completed in 5 holes. Two additional holes were only partially drilled and the Company is still awaiting these results.
Three primary zones of mineralization are interpreted at Gladiator; the North, Main, and Barbeau Zones. The North and Main Zones are quartz vein mineralization hosted by steeply south-southeast dipping shear zones which have developed at the contacts of a gabbroic and felsic dykes with mafic and intermediate volcanic rocks (see cross section in Figure 1). The Barbeau Zone consists of quartz vein mineralization hosted by a shear zone which dips moderately (55o to 65 o) to the north and is correlated with offset of the gabbroic and felsic dykes. A number of less well-defined zones have been interpreted with orientations similar to the Barbeau Zone and similar to the North and Main Zones (Figure 1).
The 5 holes completed were drilled in a north-to-south direction and planned to intersect the North and Main Zones near surface and further downhole to intersect targeted north dipping zones. Significant intercepts are presented in table 1 and illustrated on the accompanying cross sections. Highlights of the drilling include an intersection of 11.5 g/t Au over 8.5 m (estimated true width of 3.8 m) on the North Zone and an intersection of 22.59 g/t Au over an intersection length of 1 m (estimated true width of 0.5 m) on the Main Zone. The north dipping zones were intersected at a more favourable angle and highlights include 18.26 g/t Au over an intersection length of 1.7 m and 19.37 g/t Au over an intersection length of 1 m.
Greg Gibson, President and CEO of the Company commented "We are pleased with these early, albeit limited, results. In particular, the results on the newly interpreted North Zone support the interpretation of geological continuity and demonstrate the potential to add significant near surface ounces to the Gladiator resource. Also, of particular significance is the prediction and intersection of significant mineralization in the newly interpreted north dipping zones. We hope to resume the Gladiator drilling from a barge after spring break up and when current restrictions due to the Covid-19 virus have been lifted."
Analyses and QAQC
Gold analyses of Gladiator drill core are completed at the Bachelor Mine assay laboratory. The Company employs an industry standard QAQC program that includes duplicate analyses from pulp and coarse rejects and the use of Certified |Reference Materials (CRM) and blanks. Check assays on a minimum of 10% of the samples are completed at ALS Laboratories in Val-d'Or.
Boris Artinian, P.Geo and Chief Geologist for the Company supervises all exploration activities on the Gladiator project. Mr. Artinian is a Qualified Person as defined by NI43-101. Jamie Lavigne, P.Geo and VP Exploration for the Company has approved the information contained in this release. Mr. Lavigne is a Qualified Person as defined by NI43-101.
Notes: 1) North Zone and Main Zone drilled at an oblique angle and true widths are 30% to 60% of intersection lengths. 2) True widths are 95% the intersection length for the north dipping (ND) zones
2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9 819-825-8676 | Website: 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.
Cautionary and Forward-Looking Statements
This press release contains "forward-looking information" that is based on Bonterra's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Bonterra's exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. This forward-looking information includes namely, information with respect to the planned exploration programs and the potential growth in mineral resources. Exploration results that include drill results on wide spacings may not be indicative of the occurrence of a mineral deposit and such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets are conceptual in nature and, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as mineral resources. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information.
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