Terra Balcanica Secures Funding for Strategic Drilling Campaign
Terra Balcanica Closes First Tranche of Financing
Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CNSX: TERA.CN; Frankfurt: UB10) is excited to inform stakeholders about the successful closing of the first tranche in its private placement. This initiative has garnered gross proceeds of C$814,914 through the sale of 8,149,141 units, with each unit priced at C$0.10. Each unit consists of one common share and half a common share purchase warrant, which allows for the purchase of a common share at an exercise price of C$0.20 over the next 24 months.
Details of the Private Placement
Furthermore, the Company is extending the final closing date of the Private Placement to raise total gross proceeds of up to C$1,117,495 by August 11, 2025. An updated offering document has been submitted and is accessible on both the SEDAR Plus website and the Company’s own webpage. This Private Placement is pending approval from the Canadian Securities Exchange (the “CSE”).
CEO Comments on Funding
Aleksandar Miškovi?, President and CEO of Terra, expressed enthusiasm about securing these funds, stating, “We are pleased to have secured the funds to start executing the Phase III drill campaign at Viogor-Zanik as we aim to close the remaining amount as soon as possible. The significant investment by Dundee Corporation in this round signifies confidence in Terra’s current trajectory.”
Commitment to Growth
Miškovi? also participated in the offering, acquiring 300,000 units. As defined under Multilateral Instrument 61-101, this denotes a “related party transaction.” However, it is noteworthy that this engagement does not impact the overall percentage of his ownership in the Company. The board, comprising independent directors, has approved this transaction, indicating a unified front on strategic decisions.
Exercising the Uranium Option Agreement
In tandem with the financing news, Terra has opted to exercise its first year of the option agreement with Fulcrum Metals Plc. and Fulcrum Metals (Canada) Ltd. This agreement pertains to various licence clusters located in regions renowned for uranium deposits. By completing this first year, Terra will invest C$50,000 in cash and issue C$350,000 worth of common shares, ensuring the company firmly establishes its interests in these license clusters.
Investment Opportunity
While the shares issued will have a hold period of four months in accordance with securities laws, this strategic decision aims to boost Terra’s position within the uranium sector. The company encourages potential investors to carefully review all documentation pertaining to potential investments.
About Terra Balcanica Resources Corp.
Terra Balcanica is set on exploring polymetallic and energy metals, focusing on substantial mineral systems across the Balkans and parts of Canada. The company's holdings include a 90% stake in the Viogor-Zanik Project in Bosnia and a promising portfolio of uranium-prospective licenses along the edges of the Athabasca Basin. Committed to community engagement, Terra emphasizes sustainability in its operations, ensuring adherence to international best practices in health and environmental management.
Foreseeable Future
As Terra moves forward, it prioritizes executing its strategic plans while ensuring compliance with all regulatory requirements. The Company’s action plan not only aims at expansion in mineral exploration but also seeks to foster positive relationships with local stakeholders.
Frequently Asked Questions
1. What is the purpose of the private placement?
The private placement aims to secure funding for ongoing exploration projects, particularly the Phase III drill campaign at Viogor-Zanik.
2. What is included in each unit sold?
Each unit consists of one common share and half a warrant, which can be exercised to purchase additional common shares at the specified price.
3. How much money does Terra intend to raise in total?
Terra aims to raise a total of C$1,117,495 through this offering.
4. Who participated in the first tranche of the offering?
Aleksandar Miškovi?, the CEO of the company, purchased 300,000 units as part of the first tranche.
5. What are the company's future plans in the uranium sector?
Terra plans to exercise its option agreement with Fulcrum to establish a 100% interest in key uranium licenses, furthering its exploration strategy.
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