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Bobwins.......I have a friend in Canada who researches

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designer   Friday, 07/08/05 07:30:41 AM
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Bobwins.......I have a friend in Canada who researches and invests in many of the Canadian Juniors. He sent this info re Terra this morning.

Thought you may be interested..........

TERRA ENERGY ANNOUNCES 'BOUGHT DEAL' EQUITY OFFERING

Terra Energy Corp. has entered into a bought-deal financing agreement with Canaccord Capital Corporation and Research Capital Corporation, as co-lead underwriters, to offer for sale units and flow-through shares totalling $15,299,800.

The offering will consist of 3.15 million common shares issued on a flow-through basis at a price of $2.00 per share. These flow-through shares will entitle purchasers to receive $2.00 per share of qualifying expenditures, which will be renounced to investors in respect of the 2005 taxation year.

The balance of the offering will comprise 5,294,000 units at a price per unit of $1.70. Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the warrantholder to acquire one common share at an exercise price of $2.10 at any time prior to one year after closing of the offering.

Closing of the offering is expected to occur on or about July 19, 2005.

The company has granted the syndicate the option to sell an additional $3-million of securities, of which up to 50 per cent of the proceeds may be from the sale of flow-through shares.

The flow-through shares and units will be sold on a bought-deal basis via private placement pursuant to applicable securities law exemptions in Ontario, Alberta and British Columbia.

The syndicate will receive a commission of 6 per cent of the gross proceeds.

Terra Energy intends to use the proceeds from this offering to drill its high-impact opportunities in the company's Fort St. John core area, as well as to finance its continuing 2005 Capex program and 2006 exploration program.




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