CAPITAL MARKETS

Bonterra builds funding base with second upsized placement

Near-term developer Bonterra Resources is set to further boost its coffers, with its second upsized placement in four months to raise another circa C$15 million.

Staff reporter
 Bonterra Resources’ Moroy gold project in Quebec

Bonterra Resources’ Moroy gold project in Quebec

It had announced plans yesterday to raise $10 million through the issue of 6.95 million flow-through shares priced at $1.44.

Before day-end, Bonterra said it and a syndicate of agents led by Cormark Securities had agreed to increase the offering to $13 million and also issue common shares at $1.05 to raise a further $2.1 million.

The gold junior had also raised $15 million in December, at $1.15 per share, having originally hoped to raise $10 million as it brushed off an opportunistic takeover bid.

Bonterra is aiming to graduate from an advanced explorer to a development company over the next 18 months.

Its Gladiator, Barry and Moroy projects in Quebec have a combined measured and indicated 698,000 ounces of gold and an inferred 1.4 million ounces.

It's aiming to update all three projects' resources by the end of the second quarter, followed by a preliminary economic assessment by year-end.

It was also two-thirds through the permitting process to expand its Bachelor mill, "the only permitted and operational gold mill in the region," from 800 to 2,400t/day, Bonterra said earlier this month.

Its shares (TSXV: BTR) closed up 7.3% to $1.17, valuing it about $106 million (US$85 million).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.