09:45:38 EDT Sun 20 Apr 2025
Enter Symbol
or Name
USA
CA



Gold Terra Resource Corp
Symbol YGT
Shares Issued 331,222,484
Close 2024-10-23 C$ 0.055
Market Cap C$ 18,217,237
Recent Sedar Documents

Gold Terra Resource closes $572,500 financing

2024-10-23 17:37 ET - News Release

Mr. Gerald Panneton reports

GOLD TERRA ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Gold Terra Resource Corp. has closed a non-brokered private placement for gross proceeds of $572,500 from the sale of 11.45 million common shares of the company at a price of five cents per common share.

An insider of Gold Terra participated in the offering and will be issued an aggregate of two million common shares. Such participation in the offering constitutes a related party transaction as defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities exceeds 25 per cent of the company's market capitalization. The company did not file a material change report 21 days prior to closing of the offering as the participation of insiders of the company in the offering had not been confirmed at that time.

Finders' fees of 6 per cent in cash totalling $15,600 were paid to certain finders. All securities are subject to a four-month hold period from the date of closing.

The net proceeds from the offering will be used for exploration expenditures for drilling on the Con mine option property and the Campbell shear target area on the company's 100-per-cent-owned Northbelt property, as well as for general corporate purposes.

Gerald Panneton, chairman and chief executive officer, commented: "I would like to thank our current shareholders and several new ones who participated in this financing for their continued support of Gold Terra. Our 2024/2025 program will resume with the wedging program, which is testing the Campbell shear structure with our completed master hole GTCM24-056 below the existing working of the Con mine, which produced 5.1 million ounces of gold at an average grade of 16 grams per tonne."

The current drill program at the Con mine is aimed at increasing our current indicated and inferred resource (MRE, October, 2022) near surface and south of the Con mine, targeting the prolific Campbell shear structure, which produced 14 million ounces (oz) of gold at an average grade of 16 to 22 grams per tonne (g/t) gold (Au). The current drilling is targeting below the existing underground workings, where the potential exists to add significant free milling high-grade ore. The Con mine property has excellent infrastructure including the Robertson shaft, water treatment plan (2015), warehouse and offices etc. The Con mine closed in 2003, with approximately 650,000 ounces at 11 to 12 g/t Au in historical reserves and combined resources. Please refer to the Oct. 21, 2022, technical report, titled, "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada," with an effective date of Sept. 2, 2022, by qualified person Allan Armitage, PhD, PGeo, SGS Geological Services, which can be found on the company's website and on SEDAR+.

Corporate update

The company is pleased to announce the engagement of Trunice Capital (TC) to provide the company with investor relations services in accordance with the requirements of Policy 3.4, Investor Relations, Promotional and Market-Making Activities, of the TSX Venture Exchange.

In consideration of the services provided by TC, the company will pay TC an initial monthly fee of $23,000 from Oct. 15, 2024, through April 15, 2025, and granted 300,000 stock options at 10 cents to Trent Collett and 300,000 stock options at 10 cents to Raymond Collett. The options are exercisable for a five-year term expiring Oct. 15, 2029, and are subject to certain vesting provisions as determined by the board of directors of the company, as well as in accordance with the policies of the TSX Venture Exchange. The services provided by TC commenced on Oct. 15, 2024.

About Gold Terra Resource Corp.

The Yellowknife project (YP) encompasses 918 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 10 kilometres of the city of Yellowknife, 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 approximately 14 million oz of gold has been produced (refer to Gold Terra's Oct. 21, 2022, technical report), and most recently on the Con mine option (CMO) property claims immediately south of the past-producing Con mine, which produced 6.1 million oz between the Con, Rycon and Campbell shear structures (1938 to 2003).

The YP and CMO properties 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 successfully 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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