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Pan Terra Industries Announces Closing of $13,157,000 Subscription Receipts Offering
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTR...
About this update from Safi Silver Corp.
[{"type":"text","content":"\n\n\n\n\n\nNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE,\n PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN\n WHOLE OR IN PART, IN OR INTO THE UNITED STATES\n\n\nVANCOUVER, March 1, 2012 /CNW/ - Pan Terra Industries Inc. (\"Pan Terra\" or the \"Company\") (TSX.V: PNT) is pleased to announce that it has closed its previously announced\n private placement (the \"Offering\") of subscription receipts (the \"Subscription Receipts\").  On closing, the Company issued 26,314,000 Subscription Receipts at\n a price of $0.50 per Subscription Receipt (the \"Offering Price\"), for aggregate gross proceeds of $13,157,000.  Each Subscription\n Receipt, upon conversion in accordance with its terms, will entitle the\n holder thereof to acquire one unit of the Company (each, a \"Unit\"), each Unit being comprised of one common share of the Company (a \"Share\") and one half of one common share purchase warrant (each whole\n warrant, a \"Warrant\"). Each Warrant will be exercisable until March 1, 2015 for one common\n share of the Company (a \"Warrant Share\") at an exercise price of $0.75 per Warrant Share.\n\n\nDundee Securities Ltd. (\"Dundee\" or the \"Agent\") acted as sole agent in connection with the Offering.\n\n\nThe Company intends to use the net proceeds of the Offering to fund the\n cash component of the consideration payable by Pan Terra for its\n previously announced acquisition (the \"Kombat Transaction\") of 80% of the issued and outstanding shares of Manila Investments\n (PTY) Ltd. (\"Manila\"), and for general corporate purposes. Manila's principal asset is its\n agreement with Grove Mining Namibia (Proprietary) Limited and others in\n respect of the proposed acquisition of the Kombat Mine and related\n assets, including all mining surface infrastructure and equipment,\n prospecting licenses, and intellectual property related thereto. For\n further details about the Kombat Transaction see the Company's news\n release dated December 28, 2011.\n\n\nEach Subscription Receipt issued in connection with the Offering will be\n deemed to be converted, without payment of any additional consideration\n and without further action on the part of the holder thereof, for one\n Unit on the Escrow Release Date (as defined below) following\n satisfaction or waiver of the escrow release co...