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Terra Balcanica Resources Closes Second Tranche of Financing and Starts Phase II Drilling at Brezani Porphyry Target in Bosnia
Vancouver, British Columbia, June 22, 2023 (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 22, 2023 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the 2nd tranche of the non-brokered private placement financing (the “Offering”) of units (the ”Units”) and recommences drilling of the 1.2 km wide Brezani porphyry target at its flagship Viogor-Zanik project in Bosnia and Herzegovina. Second Tranche Private Placement Financing Closed The Company issued an aggregate of 3,620,564 Units at a price of $0.085 per Unit for gross proceeds of $307,748 pursuant to the Offering announced on April 4th, 2023. 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 $0.13 until June 22nd, 2026. The Company intends to use the net proceeds of the Offering for working capital and to fund the Phase II drilling across its portfolio of properties. Finders’ fees in the amount of $10,465 were paid. Aleksandar Mišković, President, CEO and a director (the “Insider”), purchased 147,059 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 an Insider 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 Private Placement will be subject to a four (4) month hold period ending October 22nd, 2023. 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 amend...