Bonterra Resources Inc. has completed its guaranteed rights offering, raising aggregate gross proceeds of $20,418,526.68. The financing resulted in the issuance of 170,154,389 common shares at a subscription price of $0.12 per share, bringing the company's total issued and outstanding common shares to 382,847,377.

Shareholders subscribed for 92,389,969 shares through the basic subscription privilege and an additional 29,786,306 shares under the additional subscription privilege. Standby purchasers fulfilled their commitments for the remaining unsubscribed shares, with Wexford Funds taking up 43,180,303 shares and Horizon Kinetics LLC taking up 4,797,811 shares.

In connection with the standby purchase commitments, Bonterra issued a total of 1,237,486 non-transferable bonus warrants to the standby purchasers, comprising 1,113,737 warrants to the Wexford Funds and 123,749 warrants to Horizon. Each bonus warrant allows the holder to acquire one common share at an exercise price of $0.165 until August 31, 2031.

Following the transaction, Wexford owns or controls approximately 110,639,186 common shares, representing 28.90 percent of the outstanding shares on an undiluted basis, along with 9,916,664 share purchase warrants. Horizon holds approximately 6,517,266 common shares, or 1.70 percent of the undiluted total, alongside 723,749 share purchase warrants.

The net proceeds from the offering will be directed toward the uses outlined in the company's rights offering circular filed on SEDAR+. The financing arrives ahead of the maturity of Bonterra's C$5.0 million non-revolving credit facility with Wexford Capital, which is scheduled to mature on September 23, 2026. Bonterra holds the development-stage Bachelor-Desmaraisville project in Quebec.

Read the full announcement: Bonterra Announces Closing of Guaranteed Rights Offering