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Magna Terra Minerals Announces Closing of Equity for Debt Settlement and Appointment of Technical Advisor
TORONTO, June 04, 2019 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) (SSE: MTTCL) reports that it has settled $450
About this update from Magna Terra Minerals Inc
[{"type":"text","content":" TORONTO, June 04, 2019 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) (SSE: MTTCL) reports that it has settled $450,059.01 of debt through the issuance of common shares of the Company (the \"Debt Settlement\"). Pursuant to the Debt Settlement, the Company issued 9,001,179 common shares of the Company (the \"Shares\") at a deemed price of $0.05 per Share to certain creditors of the Company, including certain of its directors and officers (the \"Creditors\"). All securities issued will be subject to a four month hold period which will expire on October 1, 2019. The Company also intends to settle an additional US$45,000 of debt through the issuance of 1,200,960 common shares of the Company, which is subject to disinterested shareholder approval and the approval of TSX-Venture Exchange. The approvals will be sought at the next annual and special meeting of shareholders to be held in the next 90 days. The Company is also very pleased to formally announce the appointment of Mark Coolbaugh Ph.D. as a Technical Advisor. Mark is Chief Geoscientist of Renaissance Gold Inc., and has approximately 30 years of exploration and research experience including as Chief Geoscientist for AuEx, Research Assistant Professor at the Great Basin Center for Geothermal Energy, University of Nevada, Reno; Chief Geoscientist for Geothermal Technical Partners, Inc., Mongolia Exploration Manager for Cascadia Chemicals and Minerals, and Chief Geologist for Carson Gold Corp. Mark is experienced in the exploration, development, and production of gold, silver, copper, and molybdenum resources in the Great Basin, Asia, and Central and South America. Mark holds a doctorate degree in Geology from the University of Nevada, Reno (2003), a Master of Science in Geological Engineering from the University of Arizona (1985), and a Bachelor of Science in Geological Engineering from the Colorado School of Mines (1978). Upon his appointment, the Company has granted Mark 150,000 stock options exercisable a 5 cents per share for a period of 5 years. About UsMagna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra (MTT) has a significant interest in the province of Santa Cruz, Argentina within the prolific Deseado Massif in southern Patagonia. With a recent preciou...