Valterra Announces Private Placement
May 26, 2014 (Source: Marketwired) — Not for Distribution to United States Wire Services or for Dissemination in the United States
Valterra Resource Corporation (TSX VENTURE:VQA)(FRANKFURT:3VA) (“Valterra” or the “Company”) plans to issue up to 8,000,000 units in a non-brokered private placement at a price of $0.05 per unit for gross proceeds of $400,000. 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.
Proceeds from the private placement will be used for property payments, general working capital and for exploration expenses incurred on the Bobcaygeon Graphite Property located in the Grenville Graphite Trend in southeast Ontario. The Company is planning for a multi-faceted exploration program which includes further drill testing, surface trenching and sampling toward the development of a preliminary mineral resource on the property.
Trenching at the Discovery Zone target has uncovered a high-grade vein which returned graphite values up to 64.3% Cg in chip samples and 36.8% Cg over 1.5m in channel samples. Sampling and mapping has extended the projection of the Discovery zone mineralization to over 600 metres on surface which is supported by recent IP/Res geophysics on the property.
Historic drilling (for zinc) at the Salerno Zone identified graphite-bearing stratigraphy over a +2km strike length. Mapping in the area has identified two different graphite horizons and sampling has confirmed the high-grade potential of this newly developed target. Current drill targeting which is planned for 2014 would test a +4km cumulative strike-length of this target.
In other news, Courtney Shearer has resigned as a director of the Company effective April 28, 2014. Valterra thanks Mr. Shearer for his service as a director and audit committee chair and wishes him well in his future endeavours.
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About Valterra Resource Corporation
Valterra is focused on early stage mineral properties with the potential to host large deposits, in regions with excellent infrastructure. Over the last several years, Valterra has acquired and developed several key projects including the Swift Katie porphyry copper gold mineral property in which it holds a 100% interest subject to an option agreement with the Riverside Alliance which has the right to earn an 80% interest through the expenditure of $4 million over four years with 2014 expenditures estimated at $600,000.
The Company is currently earning a 100% interest in the Bobcaygeon graphite property situated within the Grenville Graphite Trend of southeast Ontario which it intends to develop as its primary property as part of its focus on the graphite sector. Through its recently announced production and marketing strategic alliance with Great Lakes Graphite Inc., Valterra looks to access the increasing demand for high-grade graphite product throughout North America. Alliance partner, Great Lakes Graphite Inc. continues its development of promising graphite properties in Quebec on the eastern portion of the prolific Grenville Graphite Trend.
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, Q.C., President, Valterra Resource Corporation
For further information, please visit Valterra’s website at valterraresource.com.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>