Business
Magna Terra Announces Non-Brokered $1 Million Private Placement
TORONTO, ON / ACCESSWIRE / October 22, 2021 / Magna Terra Minerals Inc. (the "Company" or "M...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Announces Non-Brokered $1 Million Private PlacementTORONTO, ON / ACCESSWIRE / October 22, 2021 / Magna Terra Minerals Inc. (the \"Company\" or \"Magna Terra\") (TSX-V:MTT) is pleased to announce that, subject to all regulatory approvals, the Company intends to complete a non-brokered Private Placement of up to $1 million in common share units. The Company plans to issue up to 10 million common share units at a price of $0.10 per unit. Each common share unit will consist of one (1) common share and one-half of one common share purchase warrant, each full warrant being exercisable for an additional common share of the Company at a price of $0.15 for 24 months from the date of issuance. The warrants will be subject to an Acceleration Clause, four (4) months plus one (1) day after the Closing Date of the Private Placement, whereby the Acceleration Clause will be in effect if the closing price of the common shares of the Company on the TSX Venture Exchange is equal to or greater than $0.35 for ten (10) consecutive trading days, entitling the Company to accelerate the expiry date of the warrants such that the holders of the warrants shall have a period of thirty (30) days to exercise the warrants upon deemed receipt of the Acceleration Notice. It is anticipated that Company Insiders may participate in the Private Placement. In connection with the Private Placement, the Company may pay finder's fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period. It is anticipated that an initial closing will occur on or before October 29, 2021. The Private Placement is subject to approval by the TSX Venture Exchange. The proceeds of the financing will be used to advance Magna Terra's project portfolio in Newfoundland and New Brunswick, and for general working capital purposes.About Magna TerraMagna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns three district-scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which ...