Canterra Minerals Closes $1.5 Million in Financings

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[{"type":"text","content":"Canterra Minerals Closes $1.5 Million in FinancingsVancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (\"Canterra\" or the \"Company\") announces that it has completed its previously announced non-brokered private placement pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions (see news release dated May 13, 2024) for gross proceeds of $1,232,970 (the \"LIFE Offering\") and an additional non-brokered private placement of FT Shares (as hereinafter defined) for gross proceeds of $300,000 (the \"FT Offering\" and together with the LIFE Offering, the \"Financings\"), for aggregate gross proceeds of approximately $1.5 million.Pursuant to the LIFE Offering, Canterra issued 20,549,498 units (the \"Units\") at a price of $0.06 per Unit for gross proceeds of $1,232,970. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one additional common share of the Company at a price of $0.09 until June 27, 2026.The net proceeds from the sale of the Units are expected to be used for general working capital purposes, including but not limited to, mining lease and property payments and exploration expenditures.Pursuant to the FT Offering, Canterra issued 4,285,714 critical mineral exploration tax credit flow-through common shares (the \"FT Shares\") at a price of $0.07 per FT Share for gross proceeds of $300,000.The gross proceeds from the sale of the FT Shares will be used to fund further exploration programs which will qualify as \"Canadian Exploration Expenses\" and \"flow-through critical mineral mining expenditures\" as those terms are defined in the Income Tax Act (Canada), which will be renounced to the purchasers of the FT Shares with an effective date no later than December 31, 2024.The FT Shares issued pursuant to the FT Offering are subject to a four month and one day statutory hold period in Canada, expiring on October 28, 2024.In connection with the Financings, the Company paid finder's fees of $33,060 in cash and 508,140 warrants to arm's length persons. Each finder's warrant is exercisable at a price pf $0.06 until June 27, 2026.The Financings...

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