CALGARY, Feb. 3 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Company") announces that it has closed the previously announced private
placement of 1,250,000 common shares at a price of $0.20 per share for
total proceeds of $250,000.
The proceeds of the Offering will be mainly used for development
activities on the Corporation's 100% held properties located in
Alberta, as well as for general working capital.
The common shares issued pursuant to the private placement are subject
to a 4 month hold period in Canada from the date of the closing. There
were no agents or finder's fees payable with respect to the private
PanTerra is a diversified junior public oil and gas company listed on
the TSXV (PRC.V) with holdings in both conventional and unconventional
projects in Western Canada. The Company has an operated production base
of approximately 75 BOPD and 200 Mcf/d gas with excellent optimization
and exploitation potential. Additionally PanTerra holds 'rights' in
excess of 100,000 acres in various properties in Western Canada.
PanTerra trades on the TSX Venture Exchange under the symbol "PRC".
Company information can be found at: www.panterraresource.com.
Certain information regarding PanTerra set forth in this news release,
including the closing of the Increased Offering, the use of proceeds of
the Increased Offering may constitute forward-looking statements under
applicable securities laws and necessarily involve substantial known
and unknown risks and uncertainties.
The forward-looking statements contained in this document are made as at
the date of this news release and PanTerra does not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
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.
SOURCE PanTerra Resource Corp.
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