06:28:16 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Gold Terra Resource Corp
Symbol YGT
Shares Issued 238,900,745
Close 2023-05-04 C$ 0.11
Market Cap C$ 26,279,082
Recent Sedar Documents

Gold Terra arranges $6-million public offering

2023-05-04 17:06 ET - News Release

Mr. Gerald Panneton reports

GOLD TERRA RESOURCE CORP. ANNOUNCES OVERNIGHT MARKETED PUBLIC OFFERING OF UP TO APPROXIMATELY C$6 MILLION

Gold Terra Resource Corp. has entered into an agreement with BMO Capital Markets, as lead underwriter and on behalf of a syndicate of underwriters to be formed, under which the underwriters have agreed to sell on a best effort overnight marketed offering basis, a combination of common shares and flow-through common shares to provide the company with gross proceeds of up to approximately $6-million. The common shares will be offered at a price of 10 cents per share, and the flow-through common shares will be offered at a price of 11.5 cents per share. The number of common shares and flow-through common shares to be sold will be determined in the course of marketing. The company has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the offering, to sell common shares equal to up to an additional 15 per cent of the offering to cover overallotments, if any. The offering is expected to close on or about May 16, 2023, and is subject to Gold Terra receiving all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.

The net proceeds from the sale of the common shares will be used to advance exploration at the company's Yellowknife project (YP), including the Con mine option property (CMO), for working capital and for general corporate purposes.

The gross proceeds from the sale of the flow-through common shares will be used for expenditures which qualify as Canadian exploration expenses (CEE) and flow-through mining expenditures both within the meaning of the Income Tax Act (Canada). The company will renounce such CEE with an effective date of no later than Dec. 31, 2023.

The company intends to file a prospectus supplement to its short form base shelf prospectus dated Feb. 24, 2023, on or about May 9, 2023. The supplements will be filed with the securities regulatory authorities in each of the provinces and territories of Canada, except Quebec. The common shares may also be offered by way of private placement in the United States.

About Gold Terra Resource Corp.

The YP encompasses 800 square kilometres of contiguous land immediately north, south and east of the city of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 20 kilometres of the city of Yellowknife, the YP is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell shear, where 14 million ounces of gold have been produced, and most recently on the Con mine option property, where it produced six Moz at a grade of between 16 to 20 grams per tonne gold (1938 to 2003).

The YP and CMO property lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts the former-producing high-grade Con and Giant gold mines. The company's exploration programs have identified significant zones of gold mineralization and multiple targets that remain to be tested, which reinforces the company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

We seek Safe Harbor.

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