VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 27, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Valterra Resource Corporation ("Valterra") (TSX VENTURE:VQA)(FRANKFURT:3VA) plans to issue up to 8,000,000 units in a non-flow-through 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.
Valterra also plans to issue 1,000,000 flow-through shares to Canadian resident investors at a price of $0.05 per flow through share for proceeds of $50,000.
Proceeds from the private placements will be used for property payments, general working capital and for exploration expenses incurred on the Bobcaygeon Graphite Property located in southern Ontario. Recent exploration has generated high-grade, high-purity, flake graphite drill targets from shallow trenching and ground geophysics. One prospective anomaly covers an 800m x 400m area; being co-incident with the Discovery Zone and remains open for expansion. A Phase I drill program totaling up to 2,500m is proposed for early 2014 to extend the Discovery Zone and test new targets.
Valterra has elected not to proceed with the option agreements on the Star Group of mineral claims and the contiguous Toughnut Group of mineral claims in British Columbia.
About Valterra Resource Corporation
Valterra is a Manex Resource Group Company. The group provides expertise in exploration, administration, and corporate development services for Valterra's mineral properties located in British Columbia and Ontario. Valterra is focused on early stage properties with the potential to host large deposits, in regions with excellent infrastructure. Over the last several years, Valterra has acquired and is exploring several key projects including "Swift Katie" and "Bobcaygeon" which are located near roads, rail, power, and resource communities in Canada.
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, QC, President, Valterra Resource Corporation
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.