VANCOUVER, March 22, 2017 /CNW/ - BonTerra Resources
Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1)
("BonTerra" or the "Company") is pleased to announce
that Kinross Gold Corporation ("Kinross") has agreed to acquire, by way of
private placement, 14,857,440 common shares ("Common
Shares") of BonTerra at a price of $0.35 per Common Share for total gross proceeds
of $5,200,104 (the
"Transaction"). On closing of the Transaction, Kinross will hold approximately 9.5% of
BonTerra's issued and outstanding common shares on an undiluted
basis.
The Transaction is expected to close on or about March 24, 2017. The gross proceeds from the sale
of the Common Shares will be used for exploration on BonTerra's
properties and for general working capital purposes. The
Transaction remains subject to the approval of the TSX Venture
Exchange.
Mr. Nav Dhaliwal, CEO and
President of BonTerra, commented, "We are very pleased to have
secured an important investment and a strategic relationship with
an industry leader such as Kinross. Their entry into the
Urban Barry gold camp further validates our ongoing progress and
success at the Gladiator deposit and surrounding properties.
The depth of technical expertise that Kinross offers will be of great value to
BonTerra's development going forward."
Any securities to be issued under the Transaction will be
subject to a hold period of four months and a day from the closing
date of the Transaction in accordance with the rules and policies
of the TSX Venture Exchange and applicable Canadian securities laws
and such other further restrictions as may apply under foreign
securities laws.
INFOR Financial Inc. was retained as strategic financial advisor
to BonTerra with respect to the Transaction and its negotiations
with Kinross and will be paid a
finder's fee in respect thereof.
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President &
CEO
BonTerra 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.
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. 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; increases in input costs; litigation,
legislative, 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. BonTerra disclaims any intention
or obligation to update or revise forward-looking information,
whether as a result of new information, future events or
otherwise.
SOURCE BonTerra Resources Inc.