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Bonterra Closes $1.09M Private Placement to Fund AI-Driven Exploration

Dec 13, 2024


Bonterra Resources Inc. has announced the successful closing of a non-brokered private placement, raising $1,088,956.40 through the issuance of 2,722,391 flow-through units (FT Units) priced at $0.40 each. Each FT Unit comprises one common share and one half of a common share purchase warrant, with each warrant exercisable at $0.31 per share until December 12, 2026.

The proceeds from this placement will be used to advance exploration at Bonterra’s 100%-owned Desmaraisville property in Quebec, leveraging artificial intelligence tools developed by VRIFY Technologies to identify new drill targets. “We are thrilled to have SIDEX and Wexford Capital participate in this offering. This investment enables us to expand our exploration efforts and utilize VRIFY’s AI tools to drive discovery,” said Marc-André Pelletier, President and CEO.

SIDEX, an initiative of the Québec government and Fonds de solidarité FTQ, also expressed its commitment to supporting innovation in mineral exploration. “This investment reaffirms SIDEX’s dedication to advancing mature exploration projects using transformative technologies like artificial intelligence,” said André Laferrière, Investment Manager at SIDEX.

Offering Details

The FT Units qualify as flow-through shares under the Income Tax Act (Canada) and the Taxation Act (Québec). Québec residents who purchased FT Units may be eligible for an additional 20% tax deduction. The securities are subject to a four-month restricted period ending April 13, 2025.

Insiders of Bonterra acquired 548,478 FT Units, a transaction considered a “related party transaction” under Multilateral Instrument 61-101. The company relied on valuation and shareholder approval exemptions, as the transaction did not exceed 25% of Bonterra’s market capitalization.

Strategic Exploration Assets

Bonterra’s exploration portfolio includes the Gladiator, Barry, Moroy, and Bachelor gold deposits, with a combined resource base of 1.24 million ounces in Measured and Indicated categories and 1.78 million ounces in Inferred categories. The company’s assets are supported by a central milling facility in Quebec.

Bonterra recently entered into a joint venture agreement with Gold Fields Ltd., which acquired Osisko Mining Inc. in October 2024. Gold Fields can earn a 70% interest in Bonterra’s Urban-Barry properties by incurring $30 million in work expenditures by November 2026.

About SIDEX

SIDEX is a Québec-based investment fund focused on diversifying the province’s mineral base, promoting innovation, and supporting new entrepreneurs in the mineral exploration sector.

About VRIFY Technologies

VRIFY provides AI-driven mineral exploration solutions, enabling companies to analyze large datasets for valuable mineralization and communicate findings effectively. Its technology is transforming how mining companies approach discovery in the digital age.

This private placement reinforces Bonterra’s commitment to innovation and exploration as it advances its Quebec-based assets.



Tags: Quebec / Exploration / Gold / All Articles