Business
Gold Terra Announces Closing of Oversubscribed C$4.6 Million Public Offering
Not for distribution to U.S. news wire services or dissemination in the United States. VANCOU...
About this update from Gold Terra Resource Corp.
[{"type":"text","content":"Gold Terra Announces Closing of Oversubscribed C$4.6 Million Public OfferingNot for distribution to U.S. news wire services or dissemination in the United States.VANCOUVER, BC / ACCESSWIRE / May 26, 2023 / Gold Terra Resource Corp. (TSX-V:YGT; Frankfurt:TX0; OTCQX:YGTFF) (\"Gold Terra\" or the \"Company\") is pleased to announced that it has closed its previously announced best efforts public offering (the \"Offering\") for aggregate gross proceeds of C$4,608,050 from the sale of 17,110,000 common shares (the \"Common Shares\") at a price of C$0.10 per share and 25,191,739 flow-through common shares (the \"Flow-Through Common Shares\") at a price of C$0.115 per share (including on full exercise of the over-allotment option).The Offering was made through a syndicate of agents led by Paradigm Capital Inc. and including Agentis Capital Markets Limited Partnership (collectively, the \"Agents\"). The Agents received a cash commission equal to 6% of the gross proceeds of the Offering.The net proceeds from the sale of the Common Shares will be used to advance exploration at the Company's Yellowknife Project (YP), and mostly on the Con Mine Option property (CMO), for working capital, and for general corporate purposes.The gross proceeds from the sale of the Flow-Through Common Shares will be used for expenditures which qualify as \"Canadian exploration expenses\" (\"CEE\") and \"flow-through mining expenditures\" both within the meaning of the Income Tax Act (Canada). The Company will renounce such CEE with an effective date of no later than December 31, 2023.The Offering was completed by way of a prospectus supplement (the \"Prospectus Supplement\") filed in each of the provinces and territories of Canada (other than Quebec) and certain Common Shares were sold outside of Canada on a private placement basis.Gerald Panneton, Chairman & CEO commented, \"We are pleased to have completed a successful financing with the support of existing shareholders, and new shareholders. This financing allows us to continue with our deep drilling program below the former Con Mine workings which produced 6 million ounces between 1938 and 2003 and where reported historic very high-grade gold values (16 to 20 g/t Au) make drill testing the extension of the Con deposit so appealing.\"Senior management and advisors to Gold Terra purchased an aggregate of ...