Bonterra also points out that this offer would have required that the company to effectively cease its financing activities, which are necessary to fund its operations for the rest of the year.
Bonterra currently intends to pursue a financing of up to C$10 million to fund its drilling programs at the Moroy, Gladiator and Barry projects. This will support a resource estimate update and preliminary economic assessment (PEA), expected to be completed in the fall of 2021.
Along with 124,000 m drilled since the 2019 resource estimates on the three projects as well as the bulk sample at Moroy, the company expects the PEA will help demonstrate the value of these assets.
Shares of Bonterra Resources closed 30% higher on Wednesday at C$1.29 a share, giving it a market capitalization of C$97.6 million.
