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Canterra Minerals Provides Update on Wilding Lake Acquisition and Concurrent Financing
VANCOUVER, British Columbia, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Canterra Minerals Corporation (CTM-TSX.V) (“Canterra” or the “Company”) is pleased to announce th
About this update from Canterra Minerals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Canterra Minerals Corporation (CTM-TSX.V) (“Canterra” or the “Company”) is pleased to announce that it has received TSX Venture Exchange (“Exchange”) conditional approval for its proposed acquisition (the “Acquisition”) all of the issued and outstanding securities of Teton Opportunities Inc. (“Teton”), previously announced on November 9, 2020. As previously disclosed, Teton is a private, arm’s‐length British Columbia which holds an option with a subsidiary of Altius Minerals Corp. to acquire the Wilding Lake Project located in central Newfoundland, Canada. Details regarding the terms of the proposed Acquisition are disclosed in the Company’s November 9, 2020, news release. The Company is also please to announce that it has increased its previously announced concurrent equity financing (the “Financing”) to include i) up to 21,150,000 flow-through common shares (the “FT Shares”) at a price of $0.13 per FT Share, for aggregate proceeds of $2,749,500; and ii) up to 10,000,000 units (the “Units”) at a price of $0.12 per NFT Unit for aggregate proceeds of $1,200,000. Each Unit is comprised of one non flow-through common share (each a “NFT Share”) and one-half of one share purchase warrant, with each whole warrant exercisable to acquire a further NFT Share at a price of $0.24 for a period of 24 months. All securities issued under the Financing will be subject to a hold period of four months from the date of issuance. As previously announced, the Acquisition constitutes a “Fundamental Acquisition” within the policies of the Exchange and as a result, trading in Canterra’s common shares on the Exchange will remain halted until all materials required under Exchange policies in connection with the Acquisition have been filed. Closing of the Acquisition is subject to a number of conditions including completion of the previously announced concurrent debt settlement, the Financing, completion of satisfactory due diligence, receipt of all required corporate, regulatory and third party consents, including Exchange approval, and satisfaction of other customary closing conditions. The Acquisition cannot close until the required approvals are obtained. There can be no assurance that the Acquisition will be completed as proposed or at all. CANTERRA MINERALS CORPORATION “Randy Turner” Ra...