Bonterra Closes First Tranche of Non-brokered Private Placement
Vancouver, BC – February 4, 2013: BonTerra Resources Inc. (TSXV: BTR; FSE: 9BR) (the “Company” or “BonTerra”) is pleased to announce that is has closed the first tranche (the “First Tranche”) of its non brokered private placement announced on December 14, 2012.
The Company issued 2,420,000 non flow-through units (the “NFT Units”) at a price of $0.05 per NFT Unit for gross proceeds of $121,000 and 1,487,500 flow-through units (the “FT Units”) at a price of $0.08 per FT Unit for gross proceeds of $119,000, for aggregate gross proceeds of $240,000.
Each FT Unit consists of one flow-through common share (a “FT Share”) and one non-flow through transferable share purchase warrant (a “FT Warrant”). Each FT Warrant entitles the holder to purchase one non-flow through common share (a “FT Warrant Share”) at a price of $0.12 per FT Warrant Share for two years from the closing date.
Each NFT Unit consists of one common share (a “NFT Share”) and one non-flow through transferable share purchase warrant (a “NFT Warrant”). Each NFT Warrant entitles the holder to purchase an additional common share (a “NFT Warrant Share”) at a price of $0.10 per NFT Warrant Share for two years from the closing date.
All securities issued pursuant to the closing of the First Tranche are subject to a four month and one day hold period expiring on June 2, 2013.
The proceeds from the flow-through portion of the First Tranche will be used to conduct exploration program on the Company’s properties and the proceeds from the non flow-through portion of the First Tranche will be used for exploration on the Company’s properties and for general working capital.
About BonTerra Resources Inc.
BonTerra is a Canadian gold exploration company based in Vancouver, BC focused on continuing to expand the drill defined gold zones on its Eastern Extension property (the "Property"), part of the world famous Abitibi Greenstone Belt in mining friendly Quebec. BonTerra has a total of three gold properties in the Urban-Barry belt: the Eastern Extension, Lavoie and Urban-Barry properties which are located approximately 170 km northeast of Val- d’Or and approximately 125 km southwest of Chibougamau in the Urban, Barry and Bailly townships in Québec.
The Company owns 100% of the Property subject to a 2% NSR which is held by three individuals. 1% of the NSR can be purchased for a sum of $500,000.
ON BEHALF OF THE BOARD
BONTERRA RESOURCES INC.
Chief Financial Officer (604) 678-5308
For further information contact:
Tel: (604) 678-5308
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.