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Gold Terra Announces Closing of Non-Flow-Through Portion of the Non-Brokered Private Placement
VANCOUVER, BC / ACCESSWIRE / December 4, 2024 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:...
About this update from Gold Terra Resource Corp.
[{"type":"text","content":"Gold Terra Announces Closing of Non-Flow-Through Portion of the Non-Brokered Private PlacementVANCOUVER, BC / ACCESSWIRE / December 4, 2024 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQB:YGTFF) (\"Gold Terra\" or the \"Company\") is pleased to announce the closing of a non-flow-through (NFT) portion of the non-brokered private placement announced on October 30, 2024 (the \"Offering\") for gross proceeds of C$510,000 from the sale of 10,200,000 common shares of the Company (\"Common Shares\") at a price of C$0.05 per Common Share.An insider of Gold Terra participated in the Offering and will be issued an aggregate of 2,000,000 Common Shares. Such participation in the Offering constitutes a \"related party transaction\" as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"61-101\"). The Offering is exempt from the formal valuation and minority shareholder approval requirements of 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to closing of the Offering as the participation of insiders of the Company in the Offering had not been confirmed at that time.A finder's fee of 6% cash totaling C$6,000 was paid to certain finders. All securities are subject to a four-month hold period from the date of closing.In addition to the NFT portion announced today, the Company is please to announce the preliminary closing of the Charitable flow-through for a total amount of $1,134,000 at a price of C$ 0.07 with 3 existing shareholders taking the back end of this portion.The net proceeds from the Offering will be used for exploration expenditures for drilling on the Con Mine Option property, and the Campbell shear target area on the Company's 100% Northbelt property, as well as for general corporate purposes.Gerald Panneton, Chairman & CEO commented, \"We are pleased with the continued support of existing shareholders such as Eric Sprott, and Mackenzie Fund which will allow us to continue to explore and develop our high-grade assets. Our wedging program is scheduled to restart in early January to test the Campbell shear structure from our completed master hole GTCM24-056 below the ex...