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Bonterra Resources closes $36.7M private placement for exploration

The company will use the proceeds from the offering to fund exploration work on its portfolio of projects in Canada
Canadian dollars fanned on table
Bonterra's shares climbed higher after the closing of private placement

Bonterra Resources Inc (CVE:BTR) announced Monday that it has closed a $36.7 million private placement for exploration work on its portfolio of projects in Canada.

As part of the offering, the junior gold miner issued 14,359,000 common shares in the company at $1.95 per share as well as an additional 3,273,800 shares on a flow-through basis at $2.67 per share.

Shares of Bonterra were up 1% to reach $2 in Canadian trading.

READ: Bonterra Resources set to raise up to $30 million

Flow-through shares are a unique financing vehicle for junior resource companies in Canada, allowing investors to receive tax incentives.

Proceeds from Bonterra’s flow-through shares will be used for exploration, in accordance with the Income Tax Act (Canada). 

Bonterra has a number of exploration and mining assets including the Gladiator, Barry and Moroy deposits in Quebec, as well as the only permitted gold mill in the surrounding region.

--Contact Angela Harmantas at [email protected]

--Follow her on Twitter @AHarmantas

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