PanTerra Announces Closing of Non-Brokered Private Placement

TSX-V: PRC

CALGARY, Dec. 29 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Company") is pleased to announce that it has closed a private placement for 2,777,778 shares (the "Shares") at a price of $0.18 per Share for total gross proceeds of $500,000.00 (the "Offering").

The proceeds of the Offering will be mainly used for land acquisition and development activities on the Corporation's 100% held properties located in Alberta and Saskatchewan, as well as for general working capital. 

The Offering is subject to receipt of all necessary regulatory approvals. The Shares issued pursuant to the Offering are subject to a 4 month hold period in Canada from the date of the closing of the Offering.  The Offering was non-brokered and there were no agents or finder's fees payable in connection with the Offering.

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 75 BOPD and 240 Mcf/d gas with 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.

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 Ikkuma Resources Corp.

For further information: For further information:

Fred P. Rumak P.Geol.    
President and C.E.O. at 403-261-5900  
Email: fred@panterraresource.com


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