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Terrace Energy Corp
Symbol TZR
Shares Issued 75,376,821
Close 2014-07-28 C$ 1.95
Market Cap C$ 146,984,801
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Terrace Energy receives $3-million from overallotment

2014-07-29 16:34 ET - News Release

Mr. Dan Carriere reports

TERRACE ANNOUNCES EXERCISE OF UNDERWRITERS' OVER-ALLOTMENT OPTION

Canaccord Genuity Corp., on behalf of a syndicate of underwriters comprising Canaccord, Cormark Securities Inc., GMP Securities LP and Salman Partners Inc., has provided notice of the exercise of the underwriters overallotment option to purchase an additional 1,623,000 common shares of Terrace Energy Corp. at a price of $1.85 per share for total gross proceeds of $3,002,550, under the company's short-form prospectus dated July 17, 2014.

The closing of the exercise of the overallotment option is scheduled to take place on Thursday, July 31, 2014. The underwriters will receive a cash commission equal to 6.5 per cent of the gross proceeds raised.

Aggregate gross proceeds raised from the base offering of 10.82 million common shares completed on July 23, 2014, and the overallotment option will total $23,019,550. The company plans to use the net proceeds from the offering toward exploration and evaluation work on its Maverick county, Big Wells and Northwest AWP projects, and for general corporate purposes, as disclosed in the prospectus.

We seek Safe Harbor.

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