Magna Terra Minerals plans $2M private placement on TSX Venture

Magna Terra Minerals Inc. (TSXV: MTT) announced plans for a non-brokered private placement targeting $2,000,000 in gross proceeds, subject to regulatory approval.

According to a press release, the offering consists of 6,315,789 premium flow-through common shares at $0.2375 per share and 2,857,143 common shares at $0.175 per share.

Proceeds from the flow-through shares will fund Canadian exploration expenses at the company's Humber and Shellbird projects in western Newfoundland, as well as the Prospect Or's Dream, Rocky Brook, and Cape Spencer projects in New Brunswick. Proceeds from the common shares will be used for general working capital.

Michael Gentile, the company's largest shareholder with a 17% stake, is expected to participate in the offering. The company noted that insider participation constitutes a related party transaction under Multilateral Instrument 61-101, though it is relying on available exemptions from formal valuation and minority shareholder approval requirements.

All securities issued under the offering will be subject to a four-month and one-day regulatory hold period. The offering remains subject to approval by the TSX Venture Exchange. Finder's fees may be paid in cash, securities, or a combination of both.

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