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Terra Balcanica Resources Closes First Tranche of Private Placement Financing
Vancouver, British Columbia, June 17, 2024 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to anno
About this update from Terra Balcanica Resources Corp.
[{"type":"text","content":" Vancouver, British Columbia, June 17, 2024 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the 1st tranche of the previously announced non-brokered private placement financing of units (the ”Units”) for gross proceed of $205,750 (the “Offering”). The Company issued an aggregate of 2,057,500 Units at a price of $0.10 per Unit pursuant to the Offering announced on May 17th, 2024. Each Unit consists of one common share in the capital of the Company (each a “Common Share”) and one Common Share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.15 until June 17, 2027. The Company intends to use the net proceeds of the Offering for working capital and to fund the Phase III drilling campaign across its portfolio of properties. Giulio Bonifacio, Non-Executive Chair and Kim Oishi, Director of the Company (together the “Insiders”) purchased 257,500 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 transactions. Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the Offering are subject to a four (4) month hold period ending October 18, 2024. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the Uni...