Bonterra Resources (CVE:BTR, OTCQX:BONXF) revealed it has increased its previously announced financing to $21.8 million from $20 million previously.
Sprott Capital Partners is acting as lead agent on the financing. As reported, 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 now consist of up to 3,443,500 shares issued on a flow-through basis (FT shares) at $3.80 each, and up to 2,646,000 shares issued on a non-flow-through basis (NFT shares) at $3.30 each.
The offering is currently expected to close on November 8 this year or such other date or dates as the company and the lead agent may agree.