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Terreno Resources Announces $350,000 Financing Is Fully Subscribed

15.12.2017 | 10:12 Uhr | The Newswire
TORONTO, December 15, 2017 - Terreno Resources Corp. (TSXV: TNO.H) ("Terreno" or the "Company") announces that the Company has received subscriptions for the entire $350,000 financing as previously news released. The financing for $350,000 consists of 7,000,000 units at $0.05 Each unit consists of a common share plus one share purchase warrant. Each warrant is exercisable at $0.05 for a common share until the expiry date to be twelve months from the financing closing date. Insiders have subscribed for 600,000 units of the private placement for proceeds of $30,000.

The first tranche with proceeds of $62,000 closed November 14 for 1,240,000 units consisting of 1,240,000 common shares with a legend date of March 15, 2018, being four months plus a day from the November 14, 2017 closing date. The Company also issued 1,240,000 warrants exercisable at $0.05 until November 14, 2018, being twelve months from the closing date.

The second tranche with proceeds of $65,000 closed November 30 for 1,300,000 units consisting of 1,300,000 common shares with a legend date of April 1, 2018, being four months plus a day from the November 30, 2017 closing date. The Company also issued 1,300,000 warrants exercisable at $0.05 until November 30, 2018, being twelve months from the closing date.

The third tranche with proceeds of $90,000 closed December 8, for 1,800,000 units consisting of 1,800,000 common shares with a legend date of April 9, 2018, being four months plus a day from the December 8, 2017 closing date. The Company also issued 1,800,000 warrants exercisable at $0.05 until December 8, 2018, being twelve months from the closing date.

The fourth and final tranche of $133,000 will close on or by December 22 for 2,660,000 units consisting of 2,660,000 common shares with a legend date to be four months plus a day from the final closing date. The Company also issued 2,660,000 warrants exercisable at $0.05 until twelve months from the final closing date.

The Company will have 21,235,506 common shares issued and outstanding on the final closing date.

Mr. Brown states that: "The Company has received numerous property submissions to evaluate and expects to announce an acquisition in the near future with which to apply to graduate to the TSX Venture Exchange and is pleased that this financing provides us with the graduation requirements of Policy 2.5 for working capital of the greater of $50,000 or the amount required to maintain operations and cover general and administrative expenses for a minimum of six (6) months. We feel that the recent market activity in Terreno volume and price reflects that we have been turning away any further subscriptions for this financing."

The proceeds will be used for general working capital requirements to maintain a listed public company and to conduct due diligence on potential property of merit projects with the intention to apply to graduate to the TSX Venture Exchange.

Additional information on the Company can be viewed at www.sedar.com

For additional information, contact: Tel: (905) 467-1109

Email: georgeabrown0955@gmail.com

Suite 1102, 44 Victoria Street, Toronto, Ontario M5C 1Y2

Neither The TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Terreno's securities in the United States. None of the securities have been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. Any public offering of securities in the United States must be made by means of a prospectus that contains detailed information about Terreno and its management, as well as financial statements.

This release may contain certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to, statements with respect to the transactions contemplated, any requisite regulatory approvals in respect thereof and proposed future transactions Tereno may undertake and their expected timing. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Terreno to control or predict. Terreno undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.

Copyright (c) 2017 TheNewswire - All rights reserved.

 
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