PanTerra Resource Corp. Announces Completion of Rights Offering and Stock Option Grant
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TSX Venture Exchange: PRC
CALGARY, Sept. 4, 2014 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Corporation") is pleased to announce the completion of its previously announced rights offering to shareholders of PanTerra (the "Rights Offering"). Under the Rights Offering, holders of common shares of PanTerra ("Common Shares") subscribed for and purchased an aggregate of 3,443,147 Common Shares at a price of $0.075 per Common Share, resulting in gross proceeds to the Corporation of approximately $258,000. The proceeds of the Rights Offering will be used by the Corporation for capital expenditures and for general corporate purposes.
PanTerra also announces that on today's date it has granted 40,312,450 stock options to directors, officers, employees and consultants of PanTerra at a exercise price of $0.32. The stock options have been granted pursuant to PanTerra's 10% rolling stock option plan and will expire five years from the date of grant. All of the stock options vest as to one third thereof on each of the first, second and third anniversaries of the date of grant. Subsequent to this stock option grant, PanTerra will have a total of 70,040,950 stock options outstanding.
PanTerra is a junior public oil and gas company listed on the TSX Venture Exchange under the symbol "PRC", with conventional and unconventional assets in Western Canada. The technical team has worked together for over a decade in the Foothills Region of Western Canada, through two successful, publicly traded companies. The unique skills and repeat success at exploiting a complex, potentially prolific play type are fundamental ingredients for a successful growth-oriented company in Western Canada. Corporation information can be found at: www.panterraresource.com.
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions and estimates and includes the use by the Corporation of the proceeds of the Rights Offering for capital expenditures and for general corporate purposes.. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by PanTerra.
Forward-looking statements are subject to a wide range of risks and uncertainties, and although PanTerra believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.
Any number of important factors could cause actual results to differ materially from those in the forward -looking statements including, but not limited to, regulatory and third party approvals not being obtained in the manner or timing anticipated, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by PanTerra with securities regulatory authorities.
Except as required by applicable laws, PanTerra does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither 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.
SOURCE PanTerra Resource Corp.For further information: For additional information please contact either: Tim de Freitas, President and CEO; Or Carrie McLauchlin, VP Finance & CFO, PanTerra Resource Corp., 400, 540 - 5th Avenue SW, Calgary, AB, T2P 0M2, Phone : 403-261-5900, Fax : 403-261-5902