Bonterra Resources (TSXV: BTR) announced on Thursday that it has closed its previously announced private placement. The offering raised $11.7 million, up from the target of $10.1 million disclosed when the financing was announced.
Through the offering, the company sold 7.9 million flow-through shares, an upsize from 6.9 million shares during the announcement. The shares were sold at a price of $1.47 per each.
The offering was made with a syndicate of agents led by Cormark Securities Inc. The company also relayed previously that funds from the flow-through financing are to be used for “flow-through mining expenditures” under Income Tax and Taxation Acts but no further specific details were provided.
Bonterra Resources last traded at $1.06 on the TSX Venture.
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