Canadian gold exploration company Bonterra Resources Inc has increased its previously announced financing to $21.8 million from $20 million previously.
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 3.4 million shares issued on a flow-through basis at $3.80 each, and up to 2.6 million shares issued on a non-flow-through basis at $3.30 each. Sprott Capital Partners is acting as lead agent on the financing.
The offering is currently expected to close on November 8 this year or such other date or dates as Bonterra Resources and the lead agent may agree.