Bonterra Resources Inc. announced that it has entered into an agreement with Cormark Securities Inc. to act as sole agent for the private placement on best efforts basis to issue minimum of 17,647,100 units and a maximum of 29,411,764 units at a price of CAD 0.17 per unit for minimum gross proceeds of CAD 3,000,007 and maximum gross proceeds of CAD 5,000,000 on September 11, 2023. Each unit will consist of one common share of the company and one half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one share at an exercise price of CAD 0.24 for a period of two years from the date of issuance.

The company has agreed to pay the agent a cash commission equal to 6.0% of the gross proceeds of the offering. The offerings may be completed in one or more closings with the first closing currently scheduled for on or around September 21, 2023. The transaction is subject to the receipt of all necessary approvals including satisfaction of listing conditions of the TSX Venture Exchange.

The shares issued pursuant to the Private Placement offering will be subject to a four month hold period under applicable Canadian securities laws.