VANCOUVER, March 27, 2017 /CNW/ - BonTerra Resources
Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1)
("BonTerra" or the "Company") is pleased to announce
that it has closed its previously announced private placement of
14,857,440 common shares ("Common Shares") of
BonTerra by Kinross Gold Corporation ("Kinross") 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 holds approximately 9.5% of BonTerra's
issued and outstanding Common Shares on an undiluted basis.
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
final approval of the TSX Venture Exchange.
INFOR Financial Inc. was retained as strategic financial advisor
to BonTerra with respect to the Transaction and its negotiations
with Kinross and was paid a
finder's fee in respect thereof. In addition, Sprott Capital
Partners and Fort Capital Partners provided advice to BonTerra in
connection with the Transaction. The advisors were issued an
aggregate of 742,872 advisory warrants in consideration for their
services, each advisory warrant being exercisable to acquire one
Common Share at an exercise price of $0.35 for a period of two years from the date of
issuance.
All securities issued under the Transaction are subject to a
hold period of four months from the closing date of the Transaction
in accordance with the rules and policies of the TSX Venture
Exchange and applicable Canadian securities law.
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 the use of proceeds of the
Transaction and 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, except as required
by applicable law.
SOURCE BonTerra Resources Inc.