Bonterra Resources Inc (TSX-V:BTR, OTCQX:BONXF) announced a $20 million placing and a share consolidation.
Sprott Capital Partners will act as lead agent on the financing, which is to raise gross proceeds of up to $20,000,130.
Before closing the offering, Bonterra will consolidate its shares on the basis of 10:1, namely ten existing shares for one new share.
When completed, the company is expected to have around 39.7 million shares outstanding.
The placing will consist of up to 1,973,700 shares issued on a flow-through basis (FT shares) at $3.80 each, and up to 3,787,900 shares issued on a non-flow-through basis (NFT shares) at $3.30 each.