|By Marketwired .||
|February 20, 2014 07:40 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/20/14 -- Valterra Resource Corporation ("Valterra") (TSX VENTURE: VQA)(FRANKFURT: 3VA) has completed the first tranche of its previously announced private placement by issuing 3,105,000 units at a price of $0.05 per unit for gross proceeds of $155,250. Each unit consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share at an exercise price of $0.05 for a period of 3 years. All securities issued in this tranche of the financing include a legend restricting trading of the securities until June 21, 2014. The private placement is subject to TSX Venture Exchange acceptance.
Proceeds from the private placement will be used for working capital and exploration expenses incurred on the Bobcaygeon Graphite Property located in southern Ontario. Recent exploration has generated high-grade, high-purity, flake graphite drill targets from shallow trenching and ground geophysics. One prospective anomaly covers an 800m x 400m area; being co-incident with the Discovery Zone and remains open for expansion. A Phase I drill program totaling up to 2,500m is proposed for early 2014 to extend the Discovery Zone and test new targets.
Valterra also announces that it has entered into a debt settlement agreement with a creditor to settle a debt of $54,282.50 by payment of $15,000 cash and by the issuance of 785,650 units at a price of $0.05 per unit. Each unit is comprised of one common share and one share purchase warrant, with each warrant exercisable to purchase an additional common share for a period of 3 years at a price of $0.05 per share. This debt settlement is subject to TSX Venture Exchange acceptance. The securities that will be issued upon this debt settlement will be subject to a hold period of four months and one day from issuance.
Lawrence Page, Q.C. of Suite 1100, 1199 West Hastings Street, Vancouver, B.C., together with Manex Resource Group Inc., Manex Investments Inc. and Lawrence Page Q.C. Law Corporation, companies at the same address as Mr. Page and over which Mr. Page exercises control and direction (collectively referred to as the "Shareholder") has acquired additional securities of Valterra. The Shareholder acquired 2,000,000 common shares and 2,000,000 warrants today in the above noted private placement.
Together with its previous holdings, the Shareholder now owns and controls 5,188,183 common shares of Valterra representing approximately 17.6% of the issued and outstanding common shares of Valterra. In addition to the units acquired in the private placement, the Shareholder holds options to purchase an aggregate 210,000 common shares and warrants to purchase 781,250 common shares all exercisable within 60 days, which if purchased and added to the present holdings of the Shareholder would represent a holding of 20.3% of the then issued and outstanding common shares of Valterra calculated on a partially diluted basis.
The Shareholder acquired the securities for investment purposes, but may, from time to time, reconsider its holdings in Valterra and, as circumstances dictate, may increase or decrease its position in Valterra.
A copy of the related early warning report will be filed with the British Columbia, Alberta and Ontario Securities Commissions and may be obtained from the SEDAR website (www.sedar.com) or by contacting the Shareholder at (604) 684-9384.
About Valterra Resource Corporation
Valterra is a Manex Resource Group Company. The group provides expertise in exploration, administration, and corporate development services for Valterra's mineral properties located in British Columbia and Ontario. Valterra is focused on early stage properties with the potential to host large deposits, in regions with excellent infrastructure. Over the last several years, Valterra has acquired and is exploring several key projects including "Swift Katie" and "Bobcaygeon" which are located near roads, rail, power, and resource communities in Canada.
Robert Macdonald, MSc., P.Geo., is the Qualified Person responsible for the preparation of the technical information presented in this release.
On behalf of the Board of Directors,
Lawrence Page, QC, President, Valterra Resource Corporation
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for Valterra Resource Corporation's projects, and the availability of financing for Valterra Resource Corporation's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Valterra Resource Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
Valterra Resource Corporation
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