Bonterra Resources Announces Oban Mining Participation in Financing
Vancouver, BC / TheNewswire / June 9, 2015: BonTerra Resources Inc. (TSXV: BTR; FSE: 9BR) (the "Company" or "BonTerra") is pleased to announce that the Company has entered into an agreement with Oban Mining Corp. ("Oban") whereas Oban will acquire, through private placement, 19.9% of the common shares of the Company at a price of $0.22 per flow-through share.
The private placement is conditional upon the entry into a subscription agreement and satisfactory due diligence by Oban. Upon closing, Oban will have the right to nominate one member to BonTerra's Board of Directors.
Further, the Company announces that it has arranged a private placement of units on a non-flow-through basis of up to 3,000,000 units (the "Units") at a price of $0.20 per Unit to raise gross proceeds of up to $600,000.
Each Unit will consist of one common share of the Company and one non-transferable share purchase warrant (a "Warrant"). Each Warrant shall be exercisable to acquire one additional common share of the Company (a "Warrant Share") for a period of three years at a price of $0.30 per Warrant Share.
The Company intends to use the proceeds from the private placement to conduct further exploration on its Eastern Extension Property and for general working capital.
The private placement is subject to acceptance by the TSX Venture Exchange. All the securities issued under the Private Placement are subject to resale restrictions under applicable securities legislation.
Medalist Capital Ltd. is acting as financing advisor to BonTerra with respect to the private placement.
About BonTerra Resources
BonTerra is a Canadian gold exploration company based in Vancouver, BC, focused on continuing to expand its NI 43-101 compliant gold resource on its West Arena Property, part of the world famous Abitibi Greenstone Belt in mining-friendly Quebec. BonTerra's Gladiator Project is in the Urban-Barry Greenstone Belt and is comprised of three properties: West Arena, East Arena, and Coliseum Properties. The Gladiator Project is located approximately 170 km NE of Val-d'Or and 125 km SW of Chibougamau in the Urban, Barry and Bailly townships in Quebec.
ON BEHALF OF THE BOARD
/s/Nav Dhaliwal
Nav Dhaliwal
President & Director
(604) 678-5308
For further information contact:
Nav Dhaliwal
info@bonterraresources.com
www.bonterraresources.com
Tel: (604) 678-5308
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) delays with respect to drill results; (ii) historical results, drill results and assays may not be representative of future results on the Property or of the extent of mineralization on other parts of the Property or of the continuity of mineralization, and (iii) general uncertainties with respect to mineral exploration in general. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
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.
Copyright (c) 2015 TheNewswire - All rights reserved.