Teras Resources Inc. (TSXV: TRA) ("Teras" or the "Company") and Mr. Joe Carrabba President / CEO, is pleased to announce that it intends to complete a non-brokered private placement of up to 20,000,000 units (each a "Unit") at a price of $0.05 per Unit for gross proceeds of up to $1,000,000, subject to approval of the TSX Venture Exchange. Each Unit will consist of one common share (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant is exercisable into one Common Share at a price of $0.075 per share for a period of two years from the issuance of such Warrant. A finder's fee and/or finder warrants may be paid on the gross proceeds of all or any portion of the private placement.
Mr. Joseph Carrabba, President and CEO for Teras comments "The majority of the proceeds will be used to refine the large database of information Teras has accumulated over the years. The results of the improved database will be the basis for reevaluating the resource model. Teras will provide an update to its shareholders on the positive advancements it has made over the past few months".
For further details on the private placement, please contact the Company. All securities issued in connection with the private placement will be subject to a hold period of four months and one day from the date of closing.
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