VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 27, 2013) - Terrace Energy Corp. (the "Company") (TSX VENTURE:TZR)(OTCQX:TCRRF)(FRANKFURT:2TR) is pleased to announce it has completed the final $3,245,000 tranche (the "Final Tranche") of two previously announced non-brokered private placements of convertible, unsecured promissory notes in the aggregate principal amount of $40,000,000 (the "Notes"). The terms of the Notes were previously disclosed in press releases dated May 6 and April 2, 2013.
Dan Carriere, the Company's Chairman commented: "We are very pleased with the response we received to our convertible note offerings. In less than 60 days we were able to secure capital in the aggregate gross amount of $40,000,000 on reasonable terms, primarily from investors familiar with oil and gas issuers. These funds will allow the Company to further develop our three principal projects."
The Final Tranche and any shares issued upon the conversion thereof are subject to a hold period and may not be traded until October 27, 2013 except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange. The Notes are non-transferable unless otherwise agreed by the Company.
The Company paid a 5% finder's fee to certain eligible brokers, in an aggregate amount of $135,000, in connection with the Final Tranche.
The proceeds from the sale of the Final Tranche will be used to fund current and proposed financial commitments and for general working capital purposes.
About Terrace Energy
Terrace Energy is an oil & gas development stage company that is focused on unconventional oil & gas extraction in onshore areas of the United States, particularly in Southern Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
Eric Boehnke, Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
