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Terreno Resources arranges $1-million financing
2021-07-26 11:39 ET - News Release
Mr. George Brown reports
TERRENO RESOURCES ANNOUNCES UP TO C$1,000,000 FINANCING
Terreno Resources Corp. has arranged a $1-million financing.
The financing is for up to 20 million units at five cents per unit. Each unit consists of one common share and one full warrant exercisable at six cents for 12 months from date of closing. Subject to regulatory approval, the company also intends to request an extension of the warrants for a second year at seven cents and a third year at eight cents as a part of the graduation application. The company currently has 51,561,506 common shares issued and outstanding. There are also 9,126,000 warrants exercisable at seven cents each, of which 8,326,000 warrants expire on Sept. 1, 2021, and the remaining 800,000 warrants expire on March 18, 2022.
The company is currently preparing a diamond drilling plan for the Las Cucharas gold/silver project in Nayarit, Mexico, which it intends to commence this fall, subject to financing.
The company intends to do a first closing as soon as it has $350,000 of working capital to support its application to graduate to the TSX Venture Exchange.
George A. Brown, president and chief executive officer, stated, "It is the most-exciting time of a project's exploration life when it has been deemed to be ready for the true test that only diamond drilling is able to deliver."
Interested parties may contact Mr. Brown by e-mail at georgeabrown0955@gmail.com, or by phone at 905-467-1109.
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