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Bonterra Resources raising C$21.5M for exploration

Bonterra Resources Inc. entered an agreement with Sprott Capital Partners to act as lead agent in connection with a C$21.5 million private placement.

The offering will consist of a combination of 13.3 million super flow-through shares at 75 cents apiece and 19.2 million flow-through shares at 60 cents apiece.

The company also said Feb. 15 that it will grant the agents share purchase warrants as additional consideration, exercisable at 60 cents per share for 24 months from closing.

An initial closing is expected to occur Feb. 26, with final closing anticipated by March 15.

Bonterra will use the proceeds for exploration. The company's properties include the Larder Lake gold project in Ontario and the Gladiator gold project in Quebec.