Magna Terra upsizes private placement to $3.75M

Magna Terra Minerals Inc. (TSXV: MTT) has increased its private placement offering by $1.75 million, bringing total gross proceeds to up to $3.75 million, according to a company statement.

The offering consists of up to 8,421,056 premium flow-through common shares at $0.2375 per share and up to 10,000,000 common shares at $0.175 per share. The company describes the offering as fully subscribed.

Michael Gentile, the company's largest shareholder with a 17% stake, will participate in the offering. Company insiders are also expected to participate, which the company has classified as a related party transaction under Multilateral Instrument 61-101.

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. Proceeds from the common shares will be used for general working capital.

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

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