Val-d'Or, Quebec--(Newsfile Corp. - July 7, 2020) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) (the "Company" or "Bonterra") announces that Allan Folk has resigned as a Director of the Company, effective immediately. The Board of Directors thanks Mr. Folk for his service to Bonterra and wishes him well in his future endeavours.
In addition, Bonterra is pleased to announce the appointment of Peter O'Malley as an independent non-executive Director of the Company, effective immediately. Mr. O'Malley is an investment banker with 29 years of international experience covering natural resources and technology companies. He has executed over $500 billion in transactions across multiple jurisdictions and disciplines including, but not limited to; mergers and acquisitions, equity and debt financings, convertibles, commodities and liability management. He worked at Credit Suisse First Boston for some 13 years in New York and Johannesburg. He eventually moved to Deutsche Bank and was named Head of Natural Resources Investment Banking Asia-Pacific based in Hong Kong. He lived in Hong Kong for 8-years and has an in depth understanding of China's role in the natural resources sector and in Africa in particular. He received a BA from Siena College in 1988 and a Juris Doctor from St John's University School of Law in 1991.
Cesar Gonzalez, Chairman of Bonterra commented: "The addition of Peter O'Malley as an independent non-executive Director is another positive milestone in the ongoing restructuring of the Company. Peter's extensive experience in mergers and acquisitions globally, especially in Asia, will prove invaluable as Bonterra evaluates all paths forward."
Lastly, Bonterra announces the grant of incentive stock options to acquire a total of 3,000,000 common shares of the Company to various employees, officers, and directors of the Company pursuant to the Company's stock option plan and subject to any regulatory approval. Each stock option, vests immediately and is exercisable at a price of $1.54 per share for a period of five years from the grant date.
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