Valterra Resource Corporation (OTCQB: VRSCF) reported that it plans to issue up to a total of 15,000,000 units in a non-brokered private placement at a price of $0.05 per unit for gross proceeds of C$750,000.\u00a0<\/p>\n
In its announcement, Valterra said that net proceeds from the private placement will be used to acquire a private Brazilian company that has a purchase agreement to acquire a 100% interest in the 172-hectare freehold Lima property for a purchase price of C$500,000, as well as initial exploration work in preparation for bulk sampling at Lima, and for general working capital.<\/p>\n The Pocon\u00e9 Mining District reportedly produces over 250,000 ounces of gold annually from 17 different active laterite mines<\/p>\n<\/blockquote>\n<\/figure>\n \u201cManagement believes that this is a rare opportunity to acquire a highly-prospective gold property at exceptionally attractive terms which has the potential to be fast-tracked to production,\u201d the release reads. <\/p>\n According to the Canadian miner, Lima is a laterite-type gold project with easy logistics in the Pocon\u00e9 district of the western Mato Grosso state. <\/p>\n \u201cThe project comes with a proven operational team in a mature mining district with very attractive economics,\u201d the brief states. \u201cExisting mines in the district require no blasting as a result of deep weathering and consist of free-digging open-pit operations, typically to a depth of up to 80 metres.\u201d<\/p>\n Lima is immediately adjacent to the currently producing Edmur gold mine.<\/p>\n","protected":false},"excerpt":{"rendered":" The Vancouver-based miner announced a private placement whose net proceeds will be used to acquire the property.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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