Terra Balcanica Completes Third Tranche of Private Placement
Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is thrilled to announce the successful closing of the third tranche of its private placement financing. This recent tranche brought in $176,010 Canadian, contributing to a total of $948,760 in gross proceeds from the Offering to date.
Details of the Private Placement Offering
In this completed third tranche, the Company issued 1,760,100 Units priced at $0.10 each. The oversubscription of this tranche reflects a strong interest from investors, showcasing their confidence in the Company’s potential. Notably, on July 17, Terra decided to increase the total target for the Offering to a maximum of $1,450,000, underscoring its commitment to growth within the resource development sector.
Structure of the Units
Each Unit is made up of one common share along with a warrant that lets the holder buy an additional common share for $0.15 until September 13, 2027. This arrangement not only secures immediate capital but also encourages investors to be part of Terra's long-term projects.
Use of Proceeds from the Offering
The net proceeds from this Offering will primarily be spent on working capital and in support of Terra's ongoing field campaign across various locations in Saskatchewan and the Balkans. This strategy is crucial for driving the Company’s exploration efforts and enhancing its operational capabilities.
Regulatory Compliance and Future Plans
In accordance with Canadian securities regulations, all securities issued in this tranche are subject to a four-month hold period, which will end on January 14, 2025. The Offering is also pending final approval from the Canadian Securities Exchange. Terra plans to finalize the last tranche of this Offering by early October, which will further strengthen its financial standing.
Overview of Terra Balcanica
Terra Balcanica is an important player in the exploration of polymetallic and energy metals found across southeastern Europe and northern Saskatchewan. The Company holds a 90% interest in the Viogor-Zanik Project located in Bosnia and Herzegovina, alongside a 100% stake in the Ceovishte mineral exploration license in southern Serbia. Furthermore, Terra possesses fully optioned uranium-prospective licenses surrounding the renowned Athabasca basin in Canada, reinforcing its position in the mining and resources industry.
Commitment to Responsible Practices
Dedicated to sustainability, Terra Balcanica engages with local communities and stakeholders responsibly. The Company emphasizes its commitment to Good International Industry Practices (GIIP) and seeks excellence in health, safety, and environmental management.
Conclusion
With this latest phase of financing, Terra Balcanica Resources Corp. is reinforcing its status as a dynamic and forward-looking entity in the mineral exploration market. The positive response to this Offering highlights the trust investors have in the Company's strategic direction and growth potential.
Frequently Asked Questions
What is Terra Balcanica's most recent financing milestone?
Terra Balcanica has successfully closed its third tranche of private placement financing, raising $176,010 Canadian.
What total amount has Terra Balcanica raised from this Offering?
The Offering has raised a total of $948,760 in gross proceeds so far.
What does each Unit in this Offering include?
Each Unit includes one common share and a purchase warrant that permits the holder to buy additional common shares at a price of $0.15 each.
How will Terra use the funds raised from this Offering?
The proceeds from this Offering will primarily be directed towards working capital and supporting field campaigns across their properties.
What areas of exploration is Terra Balcanica focused on?
Terra Balcanica specializes in the exploration of polymetallic and energy metals in both the Balkans and Saskatchewan, Canada.
