January 23rd, 2020
Calgary, Alberta–(Newsfile Corp. – January 23, 2020) – Teras Resources Inc. (TSXV: TRA) (“Teras” or the “Company”): Peter Leger, former President / CEO, is pleased to announce the appointment of Mr. Joseph “Joe” Carrabba as Director, President and CEO of Teras and announces that it intends to complete a non-brokered private placement of up to 10,000,000 units (each a “Unit”) at a price of $0.05 per Unit for gross proceeds of up to $500,000, 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 A. Carrabba, holds a Bachelor’s Degree in Geology from Capital University and an MBA from Frostburg State University. Mr. Carrabba has an extensive and impressive mining background; he recently retired as Director of Newmont Mining (June 2019) serving on Newmont’s Operations and Safety Committee and the Environmental and Social Committee as well as Chair of Newmont’s Safely and Sustainability Committee.
Mr. Carrabba was also the Chairman, President and Chief Executive Officer of Cliffs Natural Resources Inc., formerly Cleveland-Cliffs Inc. from 2005 to 2013, with multinational mining operations in North America, Australia, Latin America and Asia. From 2003 to 2005, he served as President and Chief Operating Officer of Diavik Diamond Mines, Inc. Mr. Carrabba has extensive board experience with several listed companies including Key Bank, Lithium-X, Fura Gems, Newmont Mining , and Timken Steel. Mr. Carrabba is also on the board of many TSX-listed companies including AECON, NioCorp, Winston Gold and Bond Resources.
Peter Leger comments: “I am extremely pleased to welcome Mr. Joseph “Joe” Carrabba to Teras as President and CEO. After many years in a suppressed gold sector, the market appears to be improving. This is a perfect time for Mr. Carrabba to lead and represent the Company and its exceptional portfolio of projects. Having been a long time Director for Newmont Mining, Joe has the in-depth knowledge and expertise to position our flagship Cahuilla project for advancement and eventually production. I am excited to be working alongside of Mr. Carrabba for the future growth of the company and to enhance shareholder value.”
Mr. Carrabba comments: “I am honored and very excited to assume the leadership of Teras Tersources and continue the great work Peter and the board have executed for many years developing the flagship Cahuilla project.”