The Offering was made through a syndicate of agents led by
The net proceeds from the sale of the Common Shares will be used to advance exploration at the
The gross proceeds from the sale of the Flow-Through Common Shares will be used for expenditures which qualify as 'Canadian exploration expenses' ('CEE') and 'flow-through mining expenditures' both within the meaning of the Income Tax Act (
The Offering was completed by way of a prospectus supplement (the 'Prospectus Supplement') filed in each of the provinces and territories of
Senior management and advisors to Gold Terra purchased an aggregate of 900,000 common shares pursuant to the Offering.
Directors and officers of Gold Terra participated in the Offering and were issued an aggregate of 500,000 Common Shares. Such participation in the Offering constitutes a 'related party transaction' as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('61-101'). The Offering is exempt from the formal valuation and minority shareholder approval requirements of 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to closing of the Offering as the participation of insiders of the Company in the Offering had not been confirmed at that time.
The securities offered have not been registered under the
About Gold Terra
The YP encompasses 800 sq. km of contiguous land immediately north, south and east of the
The YP and CMO property lie on the prolific
Contact:
Tel: 1-778-897-1590
Email: strazdins@goldterracorp.com
Cautionary Note Regarding Forward-Looking Information
Certain statements made and information contained in this news release constitute 'forward-looking information' within the meaning of applicable securities legislation ('forward-looking information'). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events, conditions or results 'will', 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' or the negative connotations thereof.
All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the expected use of proceeds from the Offering, and the Company's objective of re-establishing
There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the 'Risk Factors' section in the Company's most recent MD&A and annual information form as well as the Prospectus Supplement available under the Company's profile at www.sedar.com.
Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.
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