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Terreno Resources Update and Private Placement Terms
(via TheNewswire) TORONTO, CANADA - TheNewswire - July 13, 2020 - Terreno Resources Co...
About this update from Terreno Resources Corp.
[{"type":"text","content":"Terreno Resources Update and Private Placement Terms(via TheNewswire)\n \n \nTORONTO, CANADA - TheNewswire - July 13, 2020 - Terreno Resources Corp. (TSXV:TNO.H) (\"Terreno\" or the \"Company\") announces that the Company has filed an NEX Form C - Notice of Proposed Share Issuance / Financing dated July 13, 2020 with the NEX for review. The proposed financing is for $500,000 consisting of 10,000,000 units at $0.05 Each unit will consist of a common share plus one share purchase warrant. Each warrant will be exercisable at $0.07 for a common share until the expiry date to be twelve months from the financing closing date. Insiders are subscribing for up to 20% of the private placement. The Company currently has 36,835,506 common shares issued and outstanding and there are currently no warrants outstanding.\n\n\n \nThe proceeds will be used for general working capital requirements to maintain a listed public company and to complete the earn in of a 60% interest in the Las Cucharas Gold & Silver Project in Nayarit, Mexico. Over $550,000 of the $700,000 of cumulative exploration expenditures that are required by October 31, 2021 have been incurred to date. 3,000,000 common shares are due to be issued on the third anniversary in January 2021 and a final 5,000,000 common shares are due to be issued on the fourth anniversary in January 2022 subject to the transfer to Terreno of the 60% interest in the 17 concessions covering the 4,447 hectares consisting of the Las Cucharas Project. \n\n\n \nTerreno's work programs are focused on defining structural controls in the known precious metal areas and connecting mineralized zones into larger targets in preparation for diamond drilling. Given the very large exploration area, the main showings have been grouped into 5 main zones in order to focus more detailed work (see Map 1). \n\n\n \nThe 5 zones are grouped as:\n\n\n \n- ZONE 1 - La Union - El Cardon - La Paloma - Los Gallos - La Guaca\n\n\n \n- ZONE 2 - Nuevo Cucharas/La Taverna - Jocuixtle - La Tlacuacha - La Italia\n\n\n \n- ZONE 3 - La Raizura - El Molino - La Azurita\n\n\n \n- ZONE 4 - Lajenos - Boyadero/Boyadero Norte - El Doctor/Mamalin\n\n\n \n- ZONE 5 - Los Llanitos - El Trompo - Varas Blancas\n\n \n \nThe Las Cucharas represents a historic gold and silver mining area with well documented small-scale production from 1903 through...