Business
Terra Balcanica Resources Announces Shares for Debt
Vancouver, British Columbia, June 08, 2023 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) has agreed to settle outsta
About this update from Terra Balcanica Resources Corp.
[{"type":"text","content":" Vancouver, British Columbia, June 08, 2023 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) has agreed to settle outstanding debt in the amount of CDN$77,923 (the “Debt”) owing to an arm’s length creditor by issuing an aggregate of 916,749 common shares in the capital of the Company (the “Common Shares”) at a price of $0.085 per Common Share (the “Shares for Debt Transaction”). The Board of Directors has determined it is in the best interests of the Company to settle the outstanding Debt by the issuance of the Common Shares in order to preserve the Company’s cash for ongoing operations. Closing of the Shares for Debt Transaction is subject to customary closing conditions and intends to close as soon as practicable. The Common Shares to be issued pursuant to the Shares for Debt Transaction will be subject to a hold period of four (4) months and one (1) day from the date of issuance. About the Company Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety and environmental management. ON BEHALF OF THE BOARD OF DIRECTORS Terra Balcanica Resources Corp. Aleksandar (Alex) MiškovićPresident and CEO For further information, please contact [email protected], or visit our website at www.terrabresources.com. Cautionary Statement This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from ...