An anonymous director reports

BONTERRA RESOURCES ANNOUNCES INCREASE TO ITS PRIVATE PLACEMENT TO APPROXIMATELY $32 MILLION

Bonterra Resources Inc. has entered into an agreement with Sprott Capital Partners LP, as lead agent, on its own behalf and on behalf of a syndicate of agents, to increase the best efforts private placement announced July 26, 2019, to raise gross proceeds of up to $31,962,910.

The offering will now consist of a combination of (a) up to 7,385,000 units of the company at a price of $2.50 per unit for gross proceeds of up to $18,462,500, (b) 2,166,670 flow-through units of the company at a price of $3 per flow-through unit for gross proceeds of up to $6,500,010, and (c) 1,628,000 super flow-through units of the company at a price of $4.30 per super flow-through unit for gross proceeds of up to $7,000,400.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will be transferrable and entitle the holder to acquire one common share of the company for two years from the closing date (hereinafter defined) at a price of $3.10.

Each flow-through unit will consist of one common share of the company issued on a flow-through basis and one-half of one warrant.

Each super flow-through unit will consist of one common share of the company issued on a flow-through basis and one-half of one warrant.

In connection with the offering, the agents will be entitled to a cash fee in an amount equal to 6 per cent of the gross proceeds of the offering.

The gross proceeds from the issuance of the flow-through units and super flow-through units will be used for Canadian exploration expenses and will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada), the super flow-through unit shares will also qualify for the two 10-per-cent enhancements under Section 726.4.9 and Section 726.4.17.1 of the Quebec Taxation Act, which will be renounced to the subscribers with an effective date no later than Dec. 31, 2019, to the initial purchasers of the flow-through units and super flow-through units in an aggregate amount not less than the gross proceeds raised from the issue of the flow-through units and super flow-through units, as applicable, and, if the qualifying expenditures are reduced by the Canada Revenue Agency, the corporation will indemnify each flow-through unit and super flow-through unit subscriber for any additional taxes payable by such subscriber as a result of the corporation's failure to renounce the qualifying expenditures as agreed. For certainty, only the flow-through unit share and super flow-through unit share shall qualify as flow-through shares.

The net proceeds from the units sold will be used for continuing exploration and development work on the company properties, and for general corporate purposes. The securities to be issued under the offering will be subject to a hold period of four months and one day from the date of issue in accordance with applicable securities laws. The offering is subject to approval of the TSX Venture Exchange.

The offering is currently expected to close on or about Aug. 20, 2019, or such other date or dates as the company and the lead agent may agree.

We seek Safe Harbor.