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Terra Energy's financing is oversubscribed

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Tackler Member Level  Friday, 07/15/05 11:11:36 AM
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Terra Energy's financing is oversubscribed

2005-07-08 15:24 ET - News Release

Mr. Bud Love reports

TERRA ENERGY'S OFFERING OVERSUBSCRIBED

Terra Energy Corp. has increased the amount of its bought-deal equity financing with Canaccord Capital Corp. and Research Capital Corp.

As a result of exceptional demand, Terra Energy has agreed to increase the subscription offering to a total of $23,299,500. The offering, which is subject to regulatory approval, is expected to close on July 19, 2005.

The revised offering now consists of the sale of 3.9 million common shares issued on a flow-through basis at a price of $2 per share totalling $7.8-million and 9,117,353 units, at a price per unit of $1.70, totalling $15,499,500. 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.

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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