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Magna Terra Announces Closing of a $4.987 Million Non-Brokered Private Placement and Completion of the Acquisition of the ExploreCo Assets in Atlantic Canada from Anaconda Mining
TORONTO, ON / ACCESSWIRE / August 4, 2020 / Magna Terra Minerals Inc. (the "Company" or "Mag...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Announces Closing of a $4.987 Million Non-Brokered Private Placement and Completion of the Acquisition of the ExploreCo Assets in Atlantic Canada from Anaconda MiningTORONTO, ON / ACCESSWIRE / August 4, 2020 / Magna Terra Minerals Inc. (the \"Company\" or \"Magna Terra\") (TSX-V:MTT) and Anaconda Mining Inc. (\"Anaconda\") (TSX:ANX) (OTCQX:ANXGF) (together the \"Parties\") are pleased to announce that Magna Terra has completed the acquisition of Anaconda's wholly-owned subsidiary, 2647102 Ontario Inc. (\"ExploreCo\") by issuing a total of 12,493,482 common shares of the Company on a post Consolidation basis (as defined herein) (the \"Acquisition\"). As a result, Magna Terra is acquiring a 100% interest in the Great Northern and Viking Projects in Newfoundland and Labrador and the Cape Spencer Project in New Brunswick (see news release dated October 15, 2019 and December 3, 2019 for more details on the Projects).\"We are thrilled with the investor reception we have had with this private placement in conjunction with the ExploreCo acquisition. We have closed an ‘upsized' and oversubscribed round of financing that will fund our exploration initiatives on these two highly prospective projects well into 2021. We expect to have crews on the ground in mid-August to commence our Phase 1 programs, that will culminate with drill programs on high priority targets in the late 2020. Recent development and exploration success that companies like Galway Metals (Clarence Stream Project, NB), Marathon Gold (Valentine Lake, NL) and our colleagues at Anaconda (Goldboro, NS, and Point Rousse, NL) are having, along with the successful acquisition of Atlantic Gold (Moose River, NS) by St. Barbara, just to mention a few has catalysed investor interest in the Atlantic Canada. The acquisition of this impressive gold project portfolio with established 43-101 Mineral Resources and multiple drill ready targets will allow us to rapidly generate value for our shareholders as we undertake our goal of becoming the next Atlantic Canada gold exploration success story.\" ~ Lew Lawrick, President and CEO, Magna Terra Minerals\"In 2018, Anaconda created a wholly-owned subsidiary to hold our advanced stage, highly-prospective Atlantic Canadian exploration projects, with the aim of exploring strategic alternatives to realize value for shareholders....