Business
Magna Terra Minerals Announces Non-Brokered Offering
TORONTO, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) (SSE: MTTCL) is pleased to announce the offer
About this update from Magna Terra Minerals Inc
[{"type":"text","content":" TORONTO, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) (SSE: MTTCL) is pleased to announce the offering of a non-brokered private placement of up to 15,000,000 units (the “Units”) for up to $750,000 (the “Offering”). Each Unit is priced at $0.05 and consists of one (1) common share and one half of one (1/2) common share purchase warrant (“Warrant”). Each whole Warrant entitles the holder to purchase one (1) common share (a “Warrant Share”) at a price of $0.10 per Warrant Share for a period of until two (2) years following the closing of each tranche of the Offering (each a “Closing Date”). The Warrants and Broker Warrants will be subject to an accelerated expiry provision, such that if the closing price of the Company’s Shares equals or exceeds $0.20 per share for a period of 10 consecutive trading days, then the exercise period of the Warrants shall be reduced to 30 days, with the reduced period commencing seven calendar days following the tenth consecutive trading day. The funds from the Offering will be used to complete a phase 1 - 2,000 meter drill program on the Company’s Luna Roja and Piedra Negra projects, further drilling as results dictate, and for working capital and general corporate purposes. The Company expects to have a first closing of the Offering on or before November 21, 2018 with a final closing on or before November 30, 2018, subject to final Exchange approval, or such other date as is agreed between the Company and the subscribers. All securities issued under the Offering will be subject to a statutory four (4) month hold period. Eligible Finders may receive up to 8% of the value of proceeds of the sale of Units in cash and up to 8% of the number of Units sold in the form of broker warrants (the “Broker Warrants”), with each Broker Warrant entitling the holder to acquire one (1) common share at a price of $0.10 for a period of two (2) years from the Closing Date. RedCloud Klondike Strike Inc. is acting as an advisor to the Company and may receive finders fees for this offering. 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 six...