Magna Terra closes $3.75M private placement on TSX Venture Exchange

Magna Terra Minerals Inc. (TSXV: MTT) has completed a non-brokered private placement, raising gross proceeds of $3,750,000.80, according to a company statement.

The offering consisted of 8,421,056 premium flow-through common shares priced at $0.2375 per share and 10,000,000 common shares priced 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 and the Prospect Or's Dream, Rocky Brook, and Cape Spencer projects in New Brunswick.

Insiders participated in the placement. Michael Gentile subscribed for 1,285,712 premium flow-through common shares for $305,356.60, and director Patricia Kajda subscribed for 130,194 common shares for $22,783.95. Following the closing, Gentile holds 19,757,379 common shares, representing 15.6% of outstanding shares, while Kajda holds 130,194 common shares, representing 0.1% of outstanding shares.

The insider participation constitutes a related party transaction but is exempt from formal valuation and minority approval requirements under Multilateral Instrument 61-101. Kajda did not vote on the resolution approving the placement.

The company paid $96,663 in finder's fees and issued 552,360 finder's warrants, each exercisable at $0.2375 per common share for 24 months from issuance.

All securities issued are subject to a four-month-and-one-day regulatory hold period. The offering remains subject to final approval by the TSX Venture Exchange.

You May Also Be Interested In

• Battery X Metals plans $1M private placement, superseding prior offering
• RBC Capital Upgrades Lakefront Biotherapeutics (LKFT) to Outperform
• Berenberg Reiterates Buy Rating on AXA SA (CS:FP) (AXAHY)