By Devika Patel
Knoxville, Tenn., March 11 - Teras Resources Inc. said it plans to raise C$1 million in a non-brokered private placement of units.
The company plans to sell up to 5,263,158 units at C$0.19 each.
Each unit consists of one share and one half-share warrant. Each whole warrant will be exercisable at C$0.35 for two years.
Proceeds will be used for exploration, general working capital and new business development.
Teras is mining company based in Calgary, Alta.
| Issuer: | Teras Resources Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 5,263,158
|
| Price: | C$0.19
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | March 11
|
| Stock symbol: | TSX Venture: TRA
|
| Stock price: | C$0.205 at close March 10
|
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