Vancouver, British Columbia--(Newsfile Corp. - June 18, 2020) - Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) ("Valterra" or the "Company") has closed the first tranche of its previously reported private placement by issuing 7,260,000 units at a price of $0.05 per unit for gross proceeds of $363,000. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of four years at an exercise price of $0.10 per common share. Securities issued pursuant to this first tranche of the private placement, including common shares and share purchase warrants, carry a legend restricting trading of the securities until October 16, 2020. The final closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
Finders' fees and commissions may be paid by Valterra in relation to this issuance.
Net proceeds from the private placement will be used to fund acquisition costs of an indirect 100% interest in a mineral property in Brazil known as Lima as well as initial exploration work in preparation for bulk sampling at Lima, and for general working capital.
About Valterra Resource Corporation
Valterra is a Manex Resource Group Company. The group provides expertise in exploration, administration, and corporate development services for Valterra's mineral property located in British Columbia. Valterra is focused on early stage properties with the potential to host large deposits, in regions with excellent infrastructure.
On behalf of the Board of Directors,
Lawrence Page Q.C., President, Valterra Resource Corporation
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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for Valterra Resource Corporation's projects, and the availability of financing for Valterra Resource Corporation's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Valterra Resource Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
This news release is not intended for distribution to United States newswire services or dissemination in the United States.
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