07:36:46 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Terreno Resources Corp (2)
Symbol TNO
Shares Issued 6,984,575
Close 2015-04-17 C$ 0.07
Market Cap C$ 488,920
Recent Sedar Documents

Terreno Resources to transfer to NEX

2015-09-18 16:33 ET - News Release

Mr. Richard Patricio reports

TERRENO RESOURCES CORP. ANNOUNCES PRIVATE PLACEMENT, DEBT SETTLEMENT AND TRANSFER TO NEX

Terreno Resources Corp. has been advised by the TSX Venture Exchange that since it is unable to meet the continued listing requirements of the exchange to maintain its listing as a Tier 2 issuer, it will be transferred to the NEX board of the exchange. Accordingly, the company has made an application to the exchange for listing on the NEX.

The company also announces that it plans on undertaking a non-brokered private placement of up to six million common shares in the capital of the company at five cents per common share for gross proceeds of up to $300,000. Certain directors and officers may participate in the offering.

Further, the company announces that it has entered into a debt settlement agreement with a creditor of the company, pursuant to which the company has agreed to issue an aggregate of 450,931 common shares at a deemed price of five cents per common share in order to settle certain obligations. The company decided to satisfy this outstanding indebtedness with common shares in order to preserve its cash for operations. The debt settlement is subject to the approval of the NEX.

Closing of the debt settlement and offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the NEX, and the company will issue the common shares once the debt settlement has been approved by the NEX. All securities issued in connection with the offering and debt settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The proceeds of the offering will be used for general working capital purposes.

Terreno intends to continue with its current business activities.

We seek Safe Harbor.

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