BONTERRA RESOURCES INC. ("BTR")
BULLETIN TYPE: Property-Asset or Share Acquisition Agreement
BULLETIN DATE: April 26, 2016
TSX Venture Tier 2 Company
TSX Venture Exchange (the 'Exchange') has accepted for filing an acquisition agreement among Bonterra Resources Inc. ("Bonterra"), Kerr Mines Inc. ("Kerr") and Kerr's wholly-owned subsidiary Bear Lake Gold Ltd. ("Bear Lake") dated March 16, 2016 as amended by an amending agreement dated April 14, 2016 (collectively, the "Agreement"). Under the Agreement, Bonterra will acquire from Kerr and Bear Lake (together the "Vendors") a 100% interest in the Larder Lake Property (the "Property") which is located in the McVittie and McGarry Townships of Ontario, Canada.
As consideration for the Property, Bonterra will:
1. Pay $200,000 and issue 10,000,000 common shares to the Vendors upon Exchange approval;
2. Pay $300,000 to the Vendors on the eight month anniversary of Exchange approval;
3. Pay $350,000 to the Vendors on the one year anniversary of Exchange approval (in the event that Bonterra completes an equity financing for gross proceeds of not less than $4,000,000 this payment and the payment referred to above under item 2 are accelerated and must be made within 10 days of the close of such financing); and
4. Pay $300,000 to the Vendors on the eighteen month anniversary of Exchange approval (in the event that Bonterra completes an equity financing for gross proceeds of not less than $4,000,000 this payment is accelerated and must be made on the one year anniversary of Exchange approval).
Bonterra paid a finder's fee of 558,908 common shares to Level 3 Capital Management (Damien Lowry).
Insider / Pro Group Participation: On closing of the Transaction Kerr will become an Insider of Bonterra.
For further information please refer to Bonterra's news release dated March 17, 2016 which is available under Bonterra's profile on SEDAR.
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