Corporate Update and Board Composition
April 18, 2007
Valterra Resource Corporation
reported today further details of its reorganization as previously reported in the news release dated October 23, 2006 (NR 01-06).Board Composition
Effective November 16, 2006 the Company expanded its Board of Directors with the appointment of the following persons, each of whom has significant experience as noted:Robert Liverant, C.A.
– Mr. Liverant is a retired chartered accountant. Mr. Liverant has been a director of Bonaventure Enterprises Inc. (TSX Venture) since January 2006 and a director of Capital Title Group, Inc. (Nasdaq) from May 1996 until September 2006. Derek Page, M.B.A.
– Mr. Page has held the position of Director, Real Estate Management since 1997 at Oxford Properties Group, a commercial real estate investment firm. Mr. Page has experience with public issuers through his position as VP Business Development with Ingenium Capital Corp. (OTCBB), a mineral exploration company, from November 2003 until December 2005.
Messrs. Liverant and Page joined the incumbent Directors, Lawrence Page, Q.C., Robert Swenarchuk, Edward Odishaw and Barry Schindel on the Board of Directors of the Company.Partial Revocation Orders
The shares of the Company remain subject to the cease trade orders (the "CTOs") issued by the British Columbia Securities Commission ("BCSC") and Alberta Securities Commission ("ASC") respectively. The Company was granted a partial revocation order on November 7, 2006 by the BCSC and a variation order dated December 14, 2006 by the ASC which permitted certain trades in the shares of the Company (the "Partial Revocation Orders"). In accordance with the Partial Revocation Orders, on December 21, 2006 the Company issued:
1. 6,084,780 common shares in settlement of $1,523,695 of indebtedness;
2. 200,000 common shares as a bonus for a loan guarantee;
3. 55,000 common shares to acquire an interest in the Swift Katie mineral property; and
4. 3,000,000 common shares by way of private placement of common shares at a price of $0.10 per share.
The Company intends to apply to the BCSC and ASC for full revocations of the CTOs and to apply to list its shares on a Canadian Stock Exchange.
On Behalf of the Board of Directors"Lawrence Page"
Lawrence Page, Q.C., President and Director, Valterra Resource Corporation
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. Valterra Resource Corporation relies upon litigation protection for forward looking statements.