Vancouver, British Columbia, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) announces the intent to complete a non-brokered private placement (the “Private Placement”) for gross proceeds of up to C$500,000 through the issuance of 5,000,000 units (each a “Unit”) at a purchase price of C$0.10 per Unit. Each Unit will be comprised of one common share in the capital of the Company ( “Common Share”) and one Common Share purchase warrant (“Warrant”) to purchase an additional common share of the Company (“Warrant Share”) at an exercise price of C$0.15 per Warrant Share for a period of 36 months from the closing date of the Private Placement (the “Closing Date”).
The Common Shares will be offered by way of prospectus exemptions in Canada and the Common Shares sold in the Private Placement will be subject to a hold period of four months plus one day. The Closing Date is expected to occur on or before December 2nd, 2022, subject to regulatory approvals, including the approval of the CSE and certain other customary conditions including, but not limited to, execution of subscription agreements between the Company and the subscribers. In certain circumstances, the Company may pay finder’s fee in cash on a portion of the Private Placement.
The Private Placement will provide Terra with the necessary capital to continue to advance the Company’s ongoing exploration activities in the Balkans.
About the Company
Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp.
Aleksandar Mišković
President and CEO
For further information, please contact amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
