Tickers: XTSX:TNO.H, XTSE:TNO.H
TORONTO, CANADA / TheNewswire / November 14, 2017 – Terreno Resources Corp. (TSXV: TNO.H) ("Terreno" or the "Company") George A. Brown, President & CEO, is pleased to announce that the Company has received conditional acceptance for the Notice of Proposed Share Issuance / Financing news released October 26, 2017. The proposed financing is for up to $ 150,000 consisting of up to 3,000,000 units at $ 0.05 Each unit will consist of a common share plus one share purchase warrant. Each warrant will be exercisable at $ 0.05 for a common share until the expiry date to be twelve months from the financing closing date. Insiders are subscribing for 20% of the private placement.
The first tranche with proceeds of $ 62,000 closed today for 1,240,000 units consisting of 1,240,000 common shares with a legend date of March 15, 2018, being four months plus a day from the November 14, 2017 closing date. The Company also issued 1,240,000 warrants exercisable at $ 0.05 until November 14, 2018, being twelve months from the closing date. The Company now has 15,475,506 common shares issued and outstanding.
Mr. Brown states that: "The Company continues to evaluate potential projects to acquire in order to apply to graduate to the TSX Venture Exchange and is pleased that this financing provides us with the graduation requirements of Policy 2.5 for working capital of the greater of $ 50,000 or the amount required to maintain operations and cover general and administrative expenses for a minimum of six (6) months."
The proceeds will be used for general working capital requirements to maintain a listed public company and to conduct due diligence on potential property of merit projects with the intention to apply to graduate to the TSX Venture Exchange.
Investors interested in the financing are requested to contact the Company at the email and phone number below.
Additional information on the Company can be viewed at www.sedar.com
For additional information, contact: Tel: (905) 467-1109
Suite 1102, 44 Victoria Street, Toronto, Ontario M5C 1Y2
Neither The TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Terreno’s securities in the United States. None of the securities have been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. Any public offering of securities in the United States must be made by means of a prospectus that contains detailed information about Terreno and its management, as well as financial statements.
This release may contain certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to, statements with respect to the transactions contemplated, any requisite regulatory approvals in respect thereof and proposed future transactions Tereno may undertake and their expected timing. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Terreno to control or predict. Terreno undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
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