Vancouver (pcJ News Briefs) – BonTerra Resources Inc. (TSX-V: BTR; OTCGM: BONXF; FSE: 9BR1) announced today that Kinross Gold Corporation (TSX: K; NYSE: KCG) has agreed to acquire, by way of private placement, 14,857,440 common shares of BonTerra at a price of $0.35 per share for gross proceeds of $5,200,104.
On closing, Kinross will hold approximately 9.5% of BonTerra’s issued and outstanding common shares on an undiluted basis.
The transaction is expected to close on or about March 24, 2017.
Proceeds will be used for exploration on BonTerra’s properties and for general working capital purposes.
“We are very pleased to have secured an important investment and a strategic relationship with an industry leader such as Kinross. Their entry into the Urban Barry gold camp further validates our ongoing progress and success at the Gladiator deposit and surrounding properties. The depth of technical expertise that Kinross offers will be of great value to BonTerra’s development going forward,” said Nav Dhaliwal, President & CEO of BonTerra.
INFOR Financial Inc. was retained as strategic financial advisor to BonTerra with respect to the transaction and its negotiations with Kinross and will be paid a finder’s fee in respect thereof.
photo credit: BonTerra Resources