TORONTO, ON / ACCESSWIRE / November 19, 2021 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce that it has completed a second and final closing of its non-brokered Private Placement (see Press Release dated October 29, 2021) totalling $415,000. Due to oversubscribed demand, the Company increased the offering to $1.2 million in common share units. The Company issued a total of 12 million common share units at a price of $0.10 per unit. Each common share unit consisted of one (1) common share and one-half of one common share purchase warrant, each full warrant being exercisable for an additional common share of the Company at a price of $0.15 for 24 months from the date of issuance. The warrants are subject to an Acceleration Clause, four (4) months plus one (1) day after the Closing Date of the Private Placement, whereby the Acceleration Clause will be in effect if the closing price of the common shares of the Company on the TSX Venture Exchange is equal to or greater than $0.35 for ten (10) consecutive trading days, entitling the Company to accelerate the expiry date of the warrants such that the holders of the warrants shall have a period of thirty (30) days to exercise the warrants upon deemed receipt of the Acceleration Notice. Company Insiders participated in the Private Placement for total subscription proceeds of $170,000. In connection with the Private Placement, the Company paid cash finder's fees of $39,000 and issued a total of 390,000 finder's warrants; with each finder's warrant exercisable at a price of $0.15 for a period of two years from the date of issuance. All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period. The Private Placement remains subject to final approval by the TSX Venture Exchange. The proceeds of the financing will be used to advance Magna Terra's project portfolio in Newfoundland and New Brunswick, and for general working capital purposes.
About Magna Terra
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns three district-scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district-scale drill ready projects available for option or joint venture.
Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: [email protected]
Website: www.magnaterraminerals.com
SOURCE: Magna Terra Minerals Inc.