By Devika Patel
Knoxville, Tenn., June 13 - Minterra Resources Corp. said it has arranged a C$2 million non-brokered private placement of units.
The company will sell 40 million units at C$0.05 apiece. Each unit consists of one common share and one half-share warrant. Each whole two-year warrant is exercisable at C$0.08 in the first year and at C$0.10 thereafter.
Proceeds will be used for drilling. Proceeds will also be used for an extensive surface sampling program. Corporate administration and land payment costs will also be supported by the proceeds from the offering.
Located in Vancouver, B.C., Minterra is a gold exploration company.
| Issuer: | Minterra Resources Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 40 million
|
| Price: | C$0.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.08 in the first year, C$0.10 thereafter
|
| Underwriters: | Non-brokered
|
| Pricing date: | June 13
|
| Stock symbol: | TSX Venture: MTR
|
| Stock price: | C$0.055 at close June 12
|
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