VANCOUVER, Oct. 4, 2018 /PRNewswire/ - GATLING EXPLORATION INC. ("Gatling") is pleased to report that it is has received conditional approval of the listing of its common shares on the TSX Venture Exchange (the "TSX-V"). In connection the listing, Gatling has filed on www.sedar.com its TSX-V listing application and a technical report regarding the Larder Lake Property. Gatling expects to commence trading on the TSX-V under the symbol 'GTR' next week. Gatling will provide an update once the listing date has been confirmed by the TSX-V.
The listing of Gatling follows the closing on September 24, 2018, of a plan of arrangement (the "Arrangement") between Bonterra Minerals Inc. (TSX-V: BTR) ("Bonterra") and Metanor Resources Inc. Immediately prior to completion of the Arrangement, all Bonterra shareholders of record on September 21, 2018, received, for each Bonterra share held as of the record date, one-seventh of one common share of Gatling (an "Gatling Share") resulting in a total of 33,426,512 Gatling Shares being issued. Gatling has received the transfer of certain Bonterra's assets, including the Larder Lake Property and approximately $7,000,000 in cash. Bonterra's obligations related to the Larder Lake Property have now been assigned to and assumed by Gatling.
The directors and officers of Gatling are: R. Dale Ginn, director, President and CEO; Navjit Dhaliwal, director and Executive Chairman; Richard Boulay, director; Leigh Hughes, director; Carrie Cesarone, director; P. Joseph Meagher, CFO and Corporate Secretary. The Gatling management team will use its broad base of exploration experience to focus exploration efforts on the Larder Lake Property.
The Larder Lake Property comprises of patented and unpatented claims, leases and mining licenses of occupation within the McVittie and McGarry Townships area in northern Ontario, with a total area of 2,095.56 ha. All claims are now beneficially owned 100% by Gatling. The Larder Lake Property hosts the Bear Lake, Cheminis, Fernland and Swansea gold deposits that extend along 10 km of the Cadillac-Larder break between Kirkland Lake and Virginiatown. The land package sits along the prolific Cadillac/Larder Break, located 7 km west of the Kerr Addison Mine, which produced 11 million ounces of gold.
ON BEHALF OF THE BOARD OF DIRECTORS OF GATLING EXPLORATION INC.
Dale Ginn, President and CEO
Gatling Exploration Inc.
ON BEHALF OF THE BOARD OF DIRECTORS of BONTERRA RESOURCES INC.
Nav Dhaliwal, President and CEO
Bonterra Resources Inc.
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.
Forward Looking Statements: Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward-looking statements. Although we believe that the expectations in our forward-looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
SOURCE Bonterra Resources Inc.