Mr. Lawrence Page reports
VALTERRA CLOSES PRIVATE PLACEMENT
Valterra Resource Corp. has closed the second and final tranche of its previously reported private placement by issuing 20.91 million units at a price of five cents per unit for gross proceeds of $1,045,500. In total, the company has now closed 28.17 million units in two tranches for total gross proceeds of $1,408,500. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of four years at an exercise price of 10 cents per common share. Securities issued pursuant to the private placement, including common shares and share purchase warrants, carry a legend restricting trading of the securities until Oct. 16, 2020, for the first tranche and until Nov. 10, 2020, for the second and final tranche. The final closing is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. Finders' fees and commissions may be paid by Valterra in relation to this issuance.
Net proceeds from the private placement will be used to finance a private Brazilian company wholly owned by Valterra that has a purchase agreement to acquire a 100-per-cent interest in the 172-hectare freehold Lima property for a purchase price of $500,000, as well as initial exploration work in preparation for bulk sampling at Lima and for general working capital.
About Valterra Resource Corp.
Valterra is a Manex Resource Group company. The group provides expertise in exploration, administration and corporate development services for Valterra's mineral properties located in British Columbia, Nevada and Mexico. Valterra is focused on early-stage properties with the potential to host large deposits in regions with excellent infrastructure.
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