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Quaterra Resources Announces Closing of Oversubscribed Private Placement and Option to Acquire B.C. Mining Properties
Vancouver, British Columbia--(Newsfile Corp. - October 21, 2021) - Quaterra Resources Inc. &#...
About this update from Lion Copper And Gold Corp
[{"type":"text","content":"Quaterra Resources Announces Closing of Oversubscribed Private Placement and Option to Acquire B.C. Mining PropertiesVancouver, British Columbia--(Newsfile Corp. - October 21, 2021) - Quaterra Resources Inc. (TSXV: QTA) (OTCQB: QTRRF) the \"Company\") is pleased to announce that it has completed an oversubscribed third and final tranche of its previously announced non-brokered private placement (the \"Private Placement\"). Proceeds will be used to advance the Company's assets, primarily its MacArthur copper oxide project in Nevada, and general working capital. Pursuant to the closing of the third tranche, the Company has issued 29,832,834 units (\"Units\") at a price of US$0.06 (C$0.075) per Unit for gross proceeds of US$1,789,970 (C$2,237,463). Combined with the first and second tranches, the Company has raised an aggregate of US$4,128,140 (C$5,160,175) in the Private Placement. Each Unit consists of one common share of the Company and one non-transferable share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire one additional common share of the Company at an exercise price of US$0.10 per share for a period of three years from the date of closing. The Warrants contain a forced exercise provision if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange (the \"Exchange\") is equal to or greater than US$0.30 for a period of 10 consecutive trading days. In connection with the completion of the third tranche of the Private Placement, the Company paid a total of US$110,388 and issued an aggregate of 1,839,798 finder's warrants as finder's fees. The finder's warrants are exercisable at a price of US$0.10 per share for a period of 3 years from the date of closing. The securities issued pursuant to the third tranche of the Private Placement are subject to a four-month hold period expiring on February 22, 2022 in accordance with applicable securities laws.Letter of Intent to Acquire B.C. Exploration Properties: Chaco Bear and Ashton PropertiesThe Company further announces that it has entered into a non-binding letter of intent (the \"LOI\") with Houston Minerals Ltd. and certain affiliated persons pursuant to which the Company was granted the option to acquire a 100% interest in the Chaco Bear Property located directly east of the Golden Trian...