Proceeds are earmarked for project drill programs and working capital
By Devika Patel
Knoxville, Tenn., Nov. 22 - Valterra Resource Corp. said it has concluded the first tranche of a non-brokered private placement of units. The deal priced for C$2.54 million Nov. 17.
The company is selling 35.75 million units at C$0.05 apiece and 15 million flow-through units at C$0.05 apiece. It sold 15,048,319 units and 5 million flow-through units in the initial tranche for C$1 million.
Each unit consists of one common share and one warrant. Each flow-through unit consists of one flow-through common share and one half-share warrant.
Each whole warrant will be exercisable at C$0.10 for two years. The strike price reflects a 100% premium to the Nov. 16 closing share price of C$0.05.
Proceeds will be used for planned drill programs on Valterra's mineral exploration projects in British Columbia and for working capital.
Valterra is a mining company based in Vancouver, B.C.
| Issuer: | Valterra Resource Corp.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$2,537,500
|
| Price: | C$0.05
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 22 (for C$1,002,416)
|
| Stock symbol: | CNSX: VTA
|
| Stock price: | C$0.05 at close Nov. 17
|
|
|
| Units
|
| Amount: | C$1,787,500
|
| Units: | 35.75 million
|
| Warrants: | One warrant per unit
|
|
|
| Flow-through units
|
| Amount: | C$750,000
|
| Units: | 15 million
|
| Warrants: | One half-share warrant per unit
|
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