Mr. Lawrence Page reports
VALTERRA EXTENDS CLOSING OF EQUITY FINANCING; REPORTS ON CORPORATE MATTERS
Valterra Resource Corp. has received approval from the TSX Venture Exchange to extend the closing date by 30 days from the date of this news release.
The offering, which was initially announced on May 29, 2019, consists of up to 15 million units at a price of 2.5 cents per unit for a total of $375,000, with an overallotment greenshoe option to increase the offering by up to 10 per cent. Each unit consists of one share of common stock of the company and one common share purchase warrant, with each warrant exercisable to acquire an additional share of common stock of the company at a price of five cents per share for a period of four years.
Existing shareholder exemption
Valterra intends to make the private placement available to existing security holders in accordance with the provisions of B.C. Instrument 45-534, Exemption from prospectus requirement for certain trades to existing security holders, and in accordance with the provisions of various corresponding blanket orders and rules of other Canadian jurisdictions that have adopted the same or a similar exemption from prospectus requirement. The company has set May 28, 2019, as the record date for the purpose of determining existing shareholders entitled to purchase units pursuant to this exemption. The maximum number of units being offered is 16.5 million units for maximum gross proceeds of $412,500 and the offering is not subject to any minimum subscription. Unless the company determines to increase the gross proceeds of the offering and receives TSX Venture Exchange approval for such increase, if the offering is oversubscribed, Valterra will allocate the units issued under the offering to those subscribers whose subscriptions were first received by the company.
The company will also accept subscriptions from accredited investors (as defined in National Instrument 45-106, Prospectus Exemptions) and may, at its discretion, also accept subscriptions pursuant to other prospectus exemptions available under applicable securities laws.
As well, the company has received notice that following the signing of a letter of intent, Ginguro Gold Pty. Ltd. has elected not to enter into a formal definitive agreement to acquire an 80-per-cent interest in the Weepah gold property, located along the Walker Lane gold trend in Nevada. Weepah is permitted and bonded by the company, which intends to test it by drilling in later 2019.
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. It owns a 100-per-cent interest in the Swift-Katie copper gold porphyry property in British Columbia, Canada, which is permitted for a drill exploration program planned for Q3/Q4 2019.
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