Business
Canterra Minerals Announces Increase of Private Placement to C$1.1 Million
Vancouver, British Columbia--(Newsfile Corp. - April 14, 2023) - Canterra Minerals Corporation (...
About this update from Canterra Minerals Corporation
[{"type":"text","content":"Canterra Minerals Announces Increase of Private Placement to C$1.1 MillionVancouver, British Columbia--(Newsfile Corp. - April 14, 2023) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (\"Canterra\" or the \"Company\") announces that, due to investor demand, it has increased the size of its previously announced non-brokered private placement financing (see news release dated March 29, 2023) to raise gross proceeds of up to C$1.1 million (the \"Offering\"). The Offering will consist of any combination of (i) units of the Company (\"Units\") at a price of C$0.05 per Unit; and/or (ii) common shares of the Company that will qualify as \"flow-through shares\" for the purposes of the Income Tax Act (Canada) (\"FT Shares\") at a price of C$0.06 per FT Share; subject to maximum aggregate gross proceeds of up to C$1.1 million. Each Unit shall consist of one common share of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one additional common share of the Company at a price of C$0.075 for a period of five years from the date of issuance. The net proceeds from the sale of Units are expected to be used in the planning for, and resumption of exploration at the Company's gold and base metals projects, located in Newfoundland, and for general working capital purposes. The gross proceeds from the sale of FT Shares will be used for exploration expenses on the Company's mineral properties in Newfoundland, which will qualify as \"Canadian Exploration Expenses\" and \"flow-through mining expenditures\", as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the FT Shares with an effective date no later than December 31, 2023. Closing of the Offering is expected to occur on or about April 24, 2023, and remains subject to the receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange (the \"TSXV\"). The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period in Canada. Participation by insiders of the Company in the Offering will constitute a related party transaction as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company intends to rely on exem...