By Sheri Kasprzak
New York, July 22 - Quaterra Resources Inc. said it has priced a private placement of units for C$1.75 million.
The non-brokered offering includes 5 million units at C$0.35 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of an additional share at C$0.50 each for two years.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$1.00 per share for 20 consecutive trading days.
The proceeds will be used for exploration and drilling programs on four projects in the next three months. The remainder will be used for working capital.
Vancouver, B.C.-based Quaterra is a mineral exploration company.
| Issuer: | Quaterra Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.75 million
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| Units: | 5 million
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| Price: | C$0.35
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
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| Pricing date: | July 22
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| Stock price: | C$0.40 at close July 21
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