/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
PAN - TSXV
CALGARY, Nov. 19 /CNW/ - PanTerra Resource Corp. (The "Company") has
entered into an agreement with Clarus Securities Inc. (the "Agent") to raise
by way of a short form prospectus, up to $8 million on a "best efforts" basis
consisting of up to $5 million worth of Common Shares and up to $3 million
worth of Flow Through Shares (the "Offering"). The offering price per Common
Share and Flow-Through Share will be negotiated by PanTerra and the Agent.
In connection with the offering, the Agent will receive a fee of 7% (the
"Agent's Fee") of the gross proceeds from the sales of Common and Flow-Through
shares under the offering. The Agent also has the option, (the "Over-Allotment
Option") to purchase from the Corporation an additional number of Common
Shares equal to 15% of the Common Shares and Flow-Through Shares sold at any
time prior to 30 days following the closing of the Offering. The Agent's Fee
is payable on all shares purchased by the Agent pursuant to the Over-Allotment
Option. The Common Shares and Flow-Through Shares to be issued under the
Offering will be offered by way of a short form prospectus in the provinces of
British Columbia, Alberta and Ontario.
PanTerra plans to use the net proceeds from the Offering to fund its
ongoing exploration and development program in Saskatchewan and for corporate
working capital. The Offering is expected to close on or about
December 3, 2007 and is subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory approvals.
This press release is not for distribution to United States newswire
services or for dissemination in the United States. This news release does not
constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "U.S. 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 U.S. Act and applicable
state securities laws or an exemption from such registration is available.
Certain statements contained in this press release may be considered as
"forward looking". Such "forward looking" statements are subject to risks and
uncertainties that could cause actual results to differ materially from
estimated or implied results.
PanTerra Resource Corp. is an Alberta-based resource company focused on
the exploration and development of unconventional shallow and shale gas in the
Province of Saskatchewan. The Company holds three Exploration Permits and four
licenses for a total of 1.1-million acres on four properties in Saskatchewan.
PanTerra trades on the TSX Venture Exchange under the symbol "PAN". Further
information can be found at www.panterraresource.com.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this news release.
For further information:
For further information: Fred P. Rumak, P.Geol., President and C.E.O.,
at (403) 261-5900, Email: email@example.com; or Herve B. Collet, V.P.
Operations, C.O.O., at (403) 261-5900, Email: firstname.lastname@example.org