Funds raised for work commitment requirements on Cahuilla project
By Devika Patel
Knoxville, Tenn., Sept. 29 - Teras Resources Inc. said it plans a non-brokered private placement of 5,666,666 units to raise C$1.7 million.
The company will sell the units at C$0.30 apiece. The units consist of one common share and a warrant, with each warrant exercisable at C$0.55 for three years. The strike price is a 10% premium over the Sept. 28 closing share price of C$0.50.
A portion of the proceeds will be reserved to fulfill the work commitment requirements on the company's Cahuilla project. The remaining proceeds will be used for exploration and development on Teras' properties and for general working capital.
Teras is mining company based in Calgary, Alta.
| Issuer: | Teras Resources Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$1.7 million
|
| Units: | 5,666,666
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.55
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 29
|
| Stock symbol: | TSX Venture: TRA
|
| Stock price: | C$0.52 at close Sept. 29
|
| Market capitalization: | C$26.54 million
|
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