Terra Balcanica Resources Corp.
Terra Balcanica Resources Corp.
19/07/2024 | Press release | Distributed by Public on 19/07/2024 20:46
Terra Balcanica Closes Second Tranche of Private Placement Financing
Terra Balcanica Closes Second Tranche of Private Placement Financing
Vancouver, British Columbia - July 19th 2024 - Terra Balcanica Resources Corp. ("Terra" or the "Company") (CSE:TERA; FRA:UB1) is pleased to announce closing of the 2nd tranche of the previously announced non-brokered private placement financing (the "Offering") of units (the "Units") for gross proceeds of $567,000 Canadian, resulting in aggregate gross proceeds of $772,750 raised in the Offering to date. The Company previously closed an initial tranche of the Offering for gross proceeds of $205,750 as described in the Company's press release dated June 17th, 2024.
The Company issued an aggregate of 5,670,000 Units at a price of $0.10 per Unit pursuant to the second tranche of the Offering announced on May 17th, 2024 with an oversubscription due to investor interest. Terra announced an increase in the amount of the Offering on July 17th, 2024 to raise aggregate gross proceeds of up to $1,450,000. Each Unit consists of one common share in the capital of the Company (each a "Common Share") and one Common Share purchase warrant (each a "Warrant"). Each Warrant issued in the second tranche of the Offering entitles the holder to purchase one Common Share at an exercise price of $0.15 until July 19th, 2027. Finders' fees in the amount of $11,200 were paid.
The Company intends to use the net proceeds of the Offering for working capital and to fund the Phase III drilling campaign across its portfolio of properties.
Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the second tranche of the Offering are subject to a four (4) month hold period ending November 20th, 2024. The Offering is subject to the approval of the Canadian Securities Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. "United States" and "U.S. Person" are as defined in Regulation S under the U.S. Securities Act.
About the Company
Terra Balcanica is a polymetallic and energy metals exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and norther Saskatchewan, Canada. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina and owns 100% of the Ceovishte mineral exploration licence in southern Serbia. The Canadian assets comprise a 100% optioned portfolio of uranium-prospective licences at the outskirts of the world-renowned Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird South Pendleton. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
On Behalf of the Board of Directors
Terra Balcanica Resources Corp.
"Aleksandar Mišković"
Aleksandar Mišković
President and CEO
For further information, please contact Aleksandar Mišković at [email protected], +1 (514) 796-7577, or visit our website at www.terrabresources.com.
Cautionary Statement
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. "United States" and "U.S. Person" are as defined in Regulation S under the U.S. Securities Act.