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Canterra Minerals Announces Brokered Private Placement for Gross Proceeds of up to C$3.0 Million
Vancouver, British Columbia--(Newsfile Corp. - December 4, 2024) - Canterra Minerals Corporation...
About this update from Canterra Minerals Corporation
[{"type":"text","content":"Canterra Minerals Announces Brokered Private Placement for Gross Proceeds of up to C$3.0 MillionVancouver, British Columbia--(Newsfile Corp. - December 4, 2024) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (\"Canterra\" or the \"Company\") is pleased to announce that the Company has entered into an agreement with Red Cloud Securities Inc. (the \"Agent\") to act as sole agent and bookrunner in connection with a \"best efforts\" private placement (the \"Offering\") for aggregate gross proceeds of up to C$3,000,000 from the sale of (i) units of the Company (each, a \"Unit\") at a price of C$0.10 per Unit, subject to the minimum sale of 5,000,000 Units for gross proceeds of at least C$500,000 from the sale of Units, and (ii) common shares of the Company to be issued as \"flow-through shares\" (each, a \"FT Share\" and collectively with the Units, the \"Offered Securities\") within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Income Tax Act\") at a price of C$0.12 per FT Share.Each Unit will consist of one common share of the Company (each, a \"Unit Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a \"Warrant Share\") at a price of C$0.15 at any time on or before that date which is 36 months after the closing date of the Offering.The Agent will have an option, exercisable in full or in part, up to 48 hours prior to the closing of the Offering, to sell up to an additional C$500,000 in any combination of Units and FT Shares at their respective offering prices.The Company intends to use the net proceeds from the Offering for the exploration of the Company's projects in central Newfoundland as well as for working capital and general corporate purposes. The gross proceeds from the issuance of the FT Shares will be used for Canadian exploration expenses and will qualify as \"flow-through critical mineral mining expenditures\", as defined in subsection 127(9) of the Income Tax Act (the \"Qualifying Expenditures\"), which will be incurred on or before December 31, 2025 and renounced to the subscribers of the FT Shares with an effective date no later than December 31, 2024 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shar...