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Terra Balcanica Resources Announces Closing of $500,000 Financing
Vancouver, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) - Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce that
About this update from Terra Balcanica Resources Corp.
[{"type":"text","content":" Vancouver, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) - Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce that it has closed its previously announced non-brokered private placement financing of units (the ”Units”) for gross proceed of $500,000 (the “Offering”). The Company issued an aggregate of 5,000,000 Units at a price of $0.10 per Unit pursuant to the Offering. Each Unit consists of one common share in the capital of the Company (each, a \"Common Share\") and one Common Share purchase warrant (each whole warrant, a “Warrant\"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.15 until December 15th, 2025. Terra’s CEO, Alex Miskovic, commented: “We are pleased to complete this financing prior to year’s end which will allow the Company to enter 2023 in a much stronger financial position. Although the global financing markets have been very challenging, the successful financing is a testament to our internal supporters and growing Terra Balcanica brand. We appreciate the continued support of our existing shareholders and are very pleased to have added new names to our registry.” The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes. Finders fees in the amount of $17,689 were paid. Dr. Aleksandar Miskovic, the CEO and a director, Guilio Bonifacio, Chair of the board of directors, Steven Latimer, a director, and Brandon Bonifacio, a director (the “Insiders”) purchased 1,023,000 Units as part of the Offering. The issuance of the Units to the Insiders constitutes a \"related party transaction\" as this term is defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, as the securities do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The participation by Insiders in the Offering was approved by directors of the Company who are independent in connection with such transaction. Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing o...