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Canterra Minerals Announces Closing of Strategic Investment by Eric Sprott as Part of $2.7 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 29, 2021) - Canterra Minerals Corporation...
About this update from Canterra Minerals Corporation
[{"type":"text","content":"Canterra Minerals Announces Closing of Strategic Investment by Eric Sprott as Part of $2.7 Million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 29, 2021) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (\"Canterra\" or the \"Company\") is pleased to announce that it has completed its previously announced non-brokered private placement, raising total gross proceeds of approximately $2.7 million (the \"Offering\"), consisting of 13,581,000 units of the Company (the \"Units\") at a price of $0.20 per Unit. Each Unit consists of one common share of the Company (a \"Common Share\") and one-half of one common share purchase warrant (each full warrant, a \"Warrant\"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.30 until June 29, 2023.The Company has paid finder's fees totaling $162,972 and issued an aggregate of 407,430 finder's warrants (the \"Finder's Warrants\") to an arm's-length party. Each Finder's Warrant entitles the holder to acquire one Common Share at an exercise price of $0.20 until June 29, 2023.The Common Shares, the Warrants and the Finder's Warrants are subject to a statutory hold period expiring four months and one day from the closing date of the Offering, being October 30, 2021.The net proceeds from the Offering will be used for general exploration and working capital and corporate purposes.Mr. Eric Sprott, through 2176423 Ontario Ltd. (a corporation which is beneficially owned by him) (\"2176432\"), acquired 13,181,000 Units (comprised of 13,181,000 Common Shares and 6,590,500 Warrants) in the Offering, for a total investment of $2,636,200. Prior to the closing of the Offering, 2176432 did not own any securities of the Company. Pursuant to the Offering, 2176432 owns a 19.8% interest in the Company on a non-diluted basis and a 27.1% interest in the Company on a partially diluted basis, assuming the exercise of all of the Warrants held by 2176423. 2176423 has agreed that, until the TSX Venture Exchange approves 2176423 as a Control Person, which is expected to occur at the next meeting of shareholders of the Company to take place prior to December 31, 2021 (the \"20% TSXV Approval\"), 2176423 will not exercise the Warrants if it results in 2176423 owning 20% or more of the issued and outstanding common shares of the Company. Th...