ValterraResource Corp. said it plans to commence two nonbrokered privateplacements of up to 25 million units to raise total gross proceeds ofapproximately C$1.3 million, according to a July 14 press release.
The company will issue up to 10 million units in aflow-through private placement at a price of 5 Canadian cents apiece to raiseC$500,000. Each flow-through unit includes 1 flow-through common share and 0.5share purchase warrant. Each whole warrant will be exercisable to purchase 1non-flow-through common share at 10 cents per share for a period of five years.
For the non-flow-through private placement, the company willoffer 15 million units priced at 5 cents per unit to raise C$750,000. Eachnon-flow-through unit comprises 1 non-flow-through common share and 1 warrant.Each warrant is exercisable to purchase 1 common share at 10 cents for a periodof five years.
There will be an overallotment option that will allow apurchase of up to 10% additional units beyond the number of units in theofferings.
Valterra will use the net proceeds for corporate purposesand to fund costs associated with exploration on the company's 100% ownedSwift Katiecopper-gold-silver project in southeastern British Columbia.