By Devika Patel
Knoxville, Tenn., June 19 - Terrain Minerals Ltd. said it arranged a A$5 million three-year committed equity financing facility with Fortrend Securities Pty Ltd.
The company will sell shares to Fortrend from time to time at a 10% discount to the volume weighted average price calculated over the 15 days prior to the drawdown notice.
In addition Fortrend will receive one option for every four shares bought, which will be exercisable at the same price as the shares.
Proceeds will be used to further develop proposed mining operations and test established exploration targets.
Based in Perth, Australia, Terrain Minerals explores for gold and other mineral resources.
| Issuer: | Terrain Minerals Ltd.
|
| Issue: | Committed equity financing facility
|
| Amount: | A$5 million
|
| Tenor: | Three years
|
| Price: | 10% discount to the volume weighted average price calculated over the 15 days prior to the drawdown notice
|
| Options: | One option for every four shares
|
| Investor: | Fortrend Securities Pty Ltd.
|
| Settlement date: | June 19
|
| Stock symbol: | Australia: TMX
|
| Stock price: | A$0.057 at close June 19
|
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