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Canterra Minerals Announces Closing of $3.9M Financing and Acquisition of the Wilding Lake Gold Project, Newfoundland
VANCOUVER, British Columbia, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Canterra Minerals Corporation (TSX-V:CTM) (“Canterra” or the “Company”) is pleased to announce th
About this update from Canterra Minerals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Canterra Minerals Corporation (TSX-V:CTM) (“Canterra” or the “Company”) is pleased to announce the closing of the previously announced (November 9, 2020) share exchange agreement whereby the Company has acquired (the “Acquisition”) all of the issued and outstanding securities of Teton Opportunities Inc. (“Teton”) the closing of the previously announced (November 9, 2020 and December 7, 2020) non-brokered private placement of flow-through common shares and units for aggregate gross proceeds of $3,949,500 (the “Financing”) and closing the Debt Settlement (as defined below). As previously announced, Randy C. Turner, who has served as the Company’s President and CEO since 1999, will be appointed Chairman of the board of directors of the Company and Chris Pennimpede, who joined the Company’s board of directors at the Company’s AGM on December 15, 2020, will be appointed as the Company’s President and CEO. Mr. Pennimpede stated, “We would like to welcome our new shareholders who participated in the financing and thank existing holders who increased their ownership. Canterra is fortunate to a group of long-term shareholders who believe in the potential in our gold exploration strategy in Newfoundland. We are currently planning for a Q1 2021 start for follow-up and discovery drilling at our Wilding Lake gold project. We believe there is the opportunity to create significant value at Wilding Lake with our planned $2.75 million 2021 exploration program. We have also started to work through historical data and physical samples that were not previously submitted for analysis so that we can include this data into the current mineralization model for the Wilding Lake Project. I would like to thank Randy Turner for his years of hard work and dedication to Canterra Minerals and I look forward to working with him as Chairman of the Company. We would also like to thank Altius for their support throughout the transactions. We are fortunate to have a partner with such deep roots in Newfoundland.” Teton is a private, arm’s‐length British Columbia company which holds an option with a subsidiary of Altius Minerals Corp. (together with the subsidiary, “Altius”) to acquire the Wilding Lake Gold Project located in central Newfoundland, Canada. Wilding Lake Gold Project Highlights: Five zones...