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Terreno Resources Closes Second Tranche Of Private Placement
(via TheNewswire) TORONTO, CANADA / TheNewswire / November 30, 2017 - Terreno Resources ...
About this update from Terreno Resources Corp.
[{"type":"text","content":"Terreno Resources Closes Second Tranche Of Private Placement(via TheNewswire)\n\n \nTORONTO, CANADA / TheNewswire / November 30, 2017 - Terreno Resources Corp. (TSXV: TNO.H) (\"Terreno\" or the \"Company\") George A. Brown, President & CEO, is pleased to announce that the Company has closed the second tranche for the Notice of Proposed Share Issuance / Financing news released October 26, 2017. The proposed financing is for up to $150,000 consisting of up to 3,000,000 units at $0.05 Each unit will consist of a common share plus one share purchase warrant. Each warrant will be exercisable at $0.05 for a common share until the expiry date to be twelve months from the financing closing date. Insiders are subscribing for 20% of the private placement. \n\n \n \nThe first tranche with proceeds of $62,000 closed November 14 for 1,240,000 units consisting of 1,240,000 common shares with a legend date of March 15, 2018, being four months plus a day from the November 14, 2017 closing date. The Company also issued 1,240,000 warrants exercisable at $0.05 until November 14, 2018, being twelve months from the closing date. \n\n \n \nThe second tranche with proceeds of $65,000 closed November 30 for 1,300,000 units consisting of 1,300,000 common shares with a legend date of April 1, 2018, being four months plus a day from the November 30, 2017 closing date. The Company also issued 1,300,000 warrants exercisable at $0.05 until November 30, 2018, being twelve months from the closing date. The Company now has 16,775,506 common shares issued and outstanding.\n\n \n \nA third and final tranche is expected to close on or by December 8, 2017.\n\n \n \nMr. Brown states that: \"The Company continues to evaluate potential projects to acquire in order to apply to graduate to the TSX Venture Exchange and is pleased that this financing provides us with the graduation requirements of Policy 2.5 for working capital of the greater of $50,000 or the amount required to maintain operations and cover general and administrative expenses for a minimum of six (6) months.\" \n\n \n \nThe proceeds will be used for general working capital requirements to maintain a listed public company and to conduct due diligence on potential property of merit projects with the intention to apply to graduate to the TSX Venture Exchange. \n\n \n \nInvestors interested in the financ...