TORONTO, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) (SSE: MTTCL) is pleased to announce the offering of a non-brokered private placement of up to 15,000,000 units (the “Units”) for up to $750,000 (the “Offering”).
Each Unit is priced at $0.05 and consists of one (1) common share and one half of one (1/2) common share purchase warrant (“Warrant”). Each whole Warrant entitles the holder to purchase one (1) common share (a “Warrant Share”) at a price of $0.10 per Warrant Share for a period of until two (2) years following the closing of each tranche of the Offering (each a “Closing Date”).
The Warrants and Broker Warrants will be subject to an accelerated expiry provision, such that if the closing price of the Company’s Shares equals or exceeds $0.20 per share for a period of 10 consecutive trading days, then the exercise period of the Warrants shall be reduced to 30 days, with the reduced period commencing seven calendar days following the tenth consecutive trading day.
The funds from the Offering will be used to complete a phase 1 - 2,000 meter drill program on the Company’s Luna Roja and Piedra Negra projects, further drilling as results dictate, and for working capital and general corporate purposes.
The Company expects to have a first closing of the Offering on or before November 21, 2018 with a final closing on or before November 30, 2018, subject to final Exchange approval, or such other date as is agreed between the Company and the subscribers. All securities issued under the Offering will be subject to a statutory four (4) month hold period.
Eligible Finders may receive up to 8% of the value of proceeds of the sale of Units in cash and up to 8% of the number of Units sold in the form of broker warrants (the “Broker Warrants”), with each Broker Warrant entitling the holder to acquire one (1) common share at a price of $0.10 for a period of two (2) years from the Closing Date.
RedCloud Klondike Strike Inc. is acting as an advisor to the Company and may receive finders fees for this offering.
About Us
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra (MTT) has a significant interest in the province of Santa Cruz, Argentina within the prolific Deseado Massif in southern Patagonia. With six district scale drill ready projects, and a highly experienced management and exploration team, MTT is positioned to deliver significant shareholder value through the potential for precious metals discovery(s) on its extensive portfolio. For detailed information regarding our projects, please visit the Company’s website at: www.magnaterraminerals.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick, President & CEO: 647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
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.
Cautionary Statements Regarding Forward Looking Information
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure by the parties to complete the Transaction, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.