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VANCOUVER, Jan. 3, 2012 /CNW/ - Pan Terra Industries Inc. ("Pan Terra" or the "Company") (TSXV: PNT) is pleased to announce that, further to its news releases of October 25th, October 31st and December 30, 2011, it has closed its non-brokered private placement (the "Private Placement"), pursuant to which the Company has raised aggregate gross proceeds of $2,400,000 through the issuance of 6,857,143 units (the "Units") at a price of
.35 per Unit. Each Unit consisted of one common share and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable into one common share at a price of
.50 per common share until January 3, 2014.
The proceeds from the Private Placement will be used to fund the cash portion of the previous announced acquisition of Congo Namibia Trading (PTY) Limited and general working capital purposes.
All securities issued under the Private Placement are subject to a four month hold period which expires May 3, 2012