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Magna Terra Minerals Update on the Acquisition of ExploreCo and Oversubscribed Concurrent Financing
TORONTO, July 13, 2020 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) is pleased to announce that it has been grant
About this update from Magna Terra Minerals Inc
[{"type":"text","content":" TORONTO, July 13, 2020 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) is pleased to announce that it has been granted approval by the TSX Venture Exchange (“TSXV”), regarding a restructuring of the terms of the previously announced (see news release dated May 8, 2020) non-brokered private placement (the “Offering”) in conjunction with its previously announced acquisition of all of the issued and outstanding common shares of 2647102 Ontario Inc. (“ExploreCo”), a wholly-owned subsidiary of Anaconda Mining Inc. (“Anaconda”) (the “Acquisition”), along with a 30 days extension from the TSXV for the closing of the Acquisition and reverse take-over transaction (the “Reverse Takeover”) to August 27, 2020) as described below. As previously disclosed by the Company, ExploreCo owns a 100% interest in the Cape Spencer Project situated in New Brunswick and the Great Northern and Viking Projects situated in Newfoundland and Labrador (the “ExploreCo Assets”). Update on the Acquisition and Concurrent Private Placement Due to significant demand, the Company applied for and received approval from the TSXV to ‘upsize’ the amount, and restructure the terms of its previously announced non-brokered private placement, and the book is now closed. The company will now raise gross proceeds of $4.965 million as follows on a post consolidation basis: (i) flow-through common shares (the “FT Shares”) at a price of $0.25 per share for gross proceeds of $155,000 (620,000 FT Shares); (ii) Common Share Units (the “Units”) at a price of $0.20 per Unit for gross proceeds of $2.2 million (11 million units). Each Unit is comprised of one common share and one-half of one share purchase warrant (each whole warrant being a “Warrant”), each Warrant entitling the holder thereof to purchase one additional common share of the Company at a price of $0.30 per share for a period of 24 months following the closing; (iii) Charity Flow Through Units (the “Charity FT Units”) at a price of $0.29 per unit for gross proceeds of $2.61 million. Each Charity FT Unit is comprised one flow through common share and one-half of one common share purchase warrant (each whole warrant being a “Warrant”), each Warrant entitling the holder thereof to purchase one additional common share of the Company at a price of $0.30 per share for a period ...