Friday, July 08, 2005 7:30:41 AM
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.
FEATURED Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM
Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and $133,000 Net Profit for the Quarter • KGKG • Sep 10, 2024 1:30 PM