Bonterra Resources (TSXV: BTR) this morning announced that it will be conducting another financing. The firm is looking to raise gross proceeds of up to $10.1 million via a flow through financing.
The financing, which is being conducted on a best efforts basis, will see the company look to sell 6.9 million shares at a price of $1.47 per each. No warrant is being offered in connection with the financing.
Bonterra has also made available an over-allotment option, which could increase the overall financing by up to 15%.
Funds from the financing are to be used for exploration expenses that are deemed “flow-through mining expenditures,” with no further details provided on specifically what is being conducted.
The financing follows a $13.0 million flow through offering conducted earlier this year at $1.44 per flow through share, which also saw a concurrent $2.0 million private placement conducted.
The latest round of financing is currently slated to close October 19.
Bonterra Resources last traded at $0.96 on the TSX Venture.
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