Expanded drilling, PP news out Interesting and aggressive on the expansion of current drilling plans ?
GOLD TERRA ANNOUNCES C$2.88 MILLION NON-BROKERED PRIVATE PLACEMENT
February 16, 2021, Vancouver, B.C. – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTCQX: YGTFF) (“Gold Terra” or the “Company”) is pleased to announce that it has arranged to issue, on a non-brokered private placement basis, 8,000,000 flow-through common shares of the Company (the “FT Shares”) at a price of C$0.36 per FT Share for gross proceeds to Gold Terra of C$2,880,000 (the “Offering”).
The gross proceeds from the issue and sale of the FT Shares will be used to extend the drilling program already in progress from 10,000 metres to over 20,000 metres on the Campbell Shear target south of the Con mine at the Company’s Yellowknife City Gold project (the “YCG Project”), which will qualify as “Canadian Exploration Expenses” and “flow-through mining expenditures”, as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the FT Shares with an effective date no later than December 31, 2021.
It is expected that the closing of the Offering will occur on or about March 4, 2021 (the “Closing Date”) and is subject to the satisfaction of certain conditions, including receipt of acceptance of the TSX Venture Exchange. The FT Shares will have a hold period of four months and one day from the Closing Date, in accordance with applicable Canadian securities laws.