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.
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