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Gold Terra Resource Corp. Announces Best Efforts Public Offering of Up to Approximately C$4 Million
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 Resource Corp. Announces Best Efforts Public Offering of Up to Approximately C$4 MillionNot for distribution to U.S. news wire services or dissemination in the United States.VANCOUVER, BC / ACCESSWIRE / May 17, 2023 / Gold Terra Resource Corp. (TSXV:YGT); (Frankfurt:TX0); (OTCQX:YGTFF) (\"Gold Terra\" or the \"Company\") has announced today that it has entered into an agreement with Paradigm Capital Inc., as lead agent and on behalf of a syndicate of agents to be formed, under which the agents have agreed to sell on a \"best efforts\" basis, a combination of common shares (the \"Common Shares\") and flow-through common shares (the \"Flow-Through Common Shares\") to provide the Company with gross proceeds of up to approximately C$4 million (the \"Offering\"). Up to 15,000,000 Common Shares will be offered at a price of C$0.10 per share and up to 21,800,000 Flow-Through Common Shares will be offered at a price of C$0.115 per share. The Company will grant to the agents an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to sell Common Shares and/or FT Shares equal to up to an additional 15% of the Offering to cover over-allotments, if any, for up to an additional C$601,050. The Offering is expected to close on or about May 26, 2023 and is subject to Gold Terra receiving all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.The net proceeds from the sale of the Common Shares will be used to advance exploration at the Company's Yellowknife Project (YP), including 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 Company intends to file a prospectus supplement (the \"Supplement\") to its short form base shelf prospectus dated February 24, 2023 (the \"Base Shelf Prospectus\") on or about May 19, 2023. The Supplement will be filed with the securities regulatory authorities in each of the provinces and territories of Canada, except Québec. The Co...