Valterra Announces Private Placement, Start of Exploration at Bobcaygeon Graphite Project
Valterra Resource Corporation (VQA.V) reported today that a private placement of non-flow-through units, announced on November 1, 2012 has been oversubscribed.
Subject to the completion of documentation, the company now proposes to issue 14,077,500 units at a price of $0.08 per unit for gross proceeds of $1,126,200.
In addition, the company said it has received subscriptions for 1,805,000 flow-through shares, each priced at $0.10 per share for proceeds of $180,500 as part of a previously announced offering of 3,000,000 flow-through shares.
Proceeds from the private placements will be used to fund an immediate exploration program at the company's 70 square kilometre Bobcaygeon graphite property, which recently has returned high-grade graphite results from a 20kg metallurgical sample program conducted earlier this year, and for working capital.
Crew mobilization has started on the project.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.