Bonterra Announces Closing of $11.66 million Private Placement
2872 Sullivan Rd Suite 2
Val‐d’Or, Quebec
Office: (819) 825‐8678
Bonterra Announces Closing of $11.66 million Private Placement
Val-d’Or, QC – October 21, 2021 – Bonterra Resources Inc. (TSX- V: BTR, OTCQX:
BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has closed
the brokered private placement previously announced on September 27, 2021 (the “Offering”).
Pursuant to the Offering, B onterra issued 7,935,000 common shar es (each a “ Common Share”)
of the Company that qualify as “flow-through shares” (the “ FT Shares”) at a price of $1.47 per
FT Share for gross proceeds of $11,664,450.
Cormark Securities Inc. acted as lead agent on behalf of a syndicate of agents which included Red
Cloud Securities Inc. (collectively, the “ Agents”). In connection with t he Offering, the Agents
received a cash fee equal to 6.0% of the gross proceeds from sa les of the FT Shares under the
Offering to subscribers other than those on the President’s List and a cash fee equal to 2.0% of the
gross proceeds from the sale of the FT Shares to subscribers from the President’s List.
The gross proceeds from the issuance of the FT Shares will be u sed for “Canadian exploration
expenses” that qualify as “flow-through mining expenditures”, a s both terms are defined in
subsection 127(9) of the Income Tax Act (Canada) (the “ Qualifying Expenditures”), related to
the Company’s projects in Québec which will be incurred on or b efore December 31, 2022 and
renounced to the subscribers with an effective date no later th an December 31, 2021 in an
aggregate amount not less than the gross proceeds raised from t he Offering. In addition, with
respect to Québec resident subscr ibers who are eligible individ uals under the Taxation Act
(Québec), the Canadian explorati on expenses will also qualify f or inclusion in the “exploration
base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of
the Taxation Act (Québec) and for inclusion in the “exploration base relating t o certain Québec
surface mining expenses or oil an d gas exploration expenses” wi thin the meaning of section
726.4.17.2 of the Taxation Act (Québec). If the Qualifying Expenditures are reduced by the
Canada Revenue Agency, the Company will indemnify each FT Share subscriber for any
additional taxes payable by such subscriber as a result of the Company’s failure to renounce the
Qualifying Expenditures as agreed.
The FT Shares issued in the Offering are subject to a statutory hold period of four months and one
day from the date of issue in accordance with applicable securi ties laws. The Offering remains
subject to final approval by the TSX Venture Exchange.
About Bonterra Resources Inc.
Bonterra is a Canadian gold exploration company with a large po rtfolio of advanced exploration
assets anchored by a central milling facility in Quebec, Canada . The Company has four main
assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces
in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly,
the Company owns the only permitted and operational gold mill i n the region that is currently
estimated at 75% through the pe rmitting process to expand from 800 to 2,400 tonnes-per-day.
Bonterra is focused on graduating from advanced exploration to a development company over the
next 18-24 months to deliver shareholder value.
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FOR ADDITIONAL INFORMATION:
Pascal Hamelin, President and Chief Executive Officer
Email: [email protected]
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com
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.
Cautionary and Forward-Looking Statements
This news release includes certain forward-looking statements c oncerning the use of proceeds of the Offering, the
future performance of our business, its operations and its fina ncial performance and condition, as well as
management’s objectives, strategies, beliefs and intentions. Fo rward-looking statements are frequently identified by
such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future
events and results. Forward-looking statements are based on the current opinions and expectations of management.
All forward-looking information is inherently uncertain and sub ject to a variety of assumptions, risks and
uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices,
the future tax treatment of the FT Shares, use of proceeds of t he Offering, competitive risks and the availability of
financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or
results may differ materially from those projected in the forwa rd-looking statements and we caution against placing
undue reliance thereon. We assume no obligation to revise or up date these forward-looking statements except as
required by applicable law.