Valterra Announces Flow-through Financing; Provides Corporate Update
May 26, 2008
Valterra Resource Corporation reported today that the company has agreed to issue 4.0 million common shares in a non-brokered flow-through private placement at a price of $0.25 per common share to raise $1.0 million. The proceeds from the “flow-through” common shares offering will be applied to the company’s projects in SE British Columbia.
The private placement and finders fees are subject to regulatory approval.
Valterra also announced the continuation of its jurisdiction of incorporation from the Yukon Territory into British Columbia under the Business Corporations Act (British Columbia) effective February 22, 2008. The company has also adopted new articles, as approved by the company’s shareholders at the annual general and special meeting held on October 9, 2007.
In further news, Valterra has appointed Jeannine PM Webb, CGA as Chief Financial Officer (“CFO”) of the company effective February 1, 2008. Jeannine PM Webb has 20 years of experience in the mining resource sector. She was a principal of Badger & Co. Management Corp. (“Badger & Co.”), a private company providing full range financial, corporate and geological management services to junior public mineral exploration companies operating nationally and internationally. During this time, Mrs. Webb served as CFO and Corporate Secretary for companies under management with Badger & Co. She currently serves as CFO for a number of companies, in addition to serving as Corporate Secretary to Pacific Ridge Exploration Ltd. The company has granted Mrs. Webb 50,000 incentive stock options exercisable at $0.25 per share for a period of five years in accordance with the company’s stock option plan.
The company also reported that Scott B. Hean having served as the company’s previous CFO since 2006, been appointed VP Administration, effective February 1, 2008. Mr. Hean has held senior management and executive positions with J.P. Morgan of New York, primarily financing junior oil and gas companies and Bank of Montreal as Senior Vice President and Managing Director responsible for financing in the natural resources sectors in North America. Currently he is a Director for Sabina Silver Corporation (SBB on TSX-V) and Chair, Bill Reid Foundation Services Ltd. He has served on numerous not-for-profit Boards, including Outward Bound and B.C. Children's Hospital. Graduating from Simon Fraser University in 1973 and from the Ivey School of Business, London, Ontario, in 1975, Mr. Hean recently graduated from the Institute of Corporate Directors, Directors Education Program.
As well, the company has accepted the resignation of Mr. Donald Head from the Board of Directors because of prior business commitments.
On behalf of the Board of Directors,
“Lawrence Page, Q.C.”
Lawrence Page, Q.C., President, Director ,
Valterra Resource Corporation.
For further information, contact Jay Oness at either 1-888-456-1112 or 604-684-9384; email at firstname.lastname@example.org.
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. The CNQ Exchange as not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
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.