Bonterra Resources has closed the transaction to acquire Metanor Resources to expand its strategic position in the Urban Barry Camp region of Canada.

The companies signed a definitive arrangement agreement related to the combination in July this year.

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Under the terms of the agreement, Bonterra acquired all of the outstanding common shares of Metanor by issuing 1.6039 common shares for each Metanor share.

The transaction aimed to create a new Canadian gold exploration and development company focused on mining development of the Urban Barry Quebec gold camp.

The combined entity holds three advanced high grade gold deposits, namely Gladiator, Bachelor and Barry, and has a land package of around 22,004ha in the Urban Barry camp.

Besides, the acquisition offers significant regional priority targets with resource upside potential.

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Bonterra has also gained control over a permitted gold mill in the region.

Pursuant to the terms of the arrangement, Bonterra spun out its Larder Lake gold property and around $7m in cash into a new exploration company, known as Gatling Exploration.

“Bonterra acquired all of the outstanding common shares of Metanor by issuing 1.6039 common shares for each Metanor share.”

The completion of the transaction comes after shareholders of the two companies voted in favour of the combination and courts in Quebec and British Columbia gave their approvals.

The Larder Lake property covers 2,221ha in the Cadillac-Larder Break camp in Ontario and provides access to three high grade gold deposits between Kirkland Lake and Virginiatown.

Earlier this month, Bonterra discovered a new high grade gold zone near surface to the north of the Gladiator gold deposit with an intersection of 27.4g/t Au over 7m.