CALGARY, Dec. 9, 2013 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Corporation") is pleased to announce that it plans to complete a non-brokered
private placement of up to 10,000,000 units (the "Units") at a price of $0.05 per Unit for total gross proceeds to the
Corporation of up to $500,000 (the "Offering").
Each Unit will consist of one common share (a "Common Share") in the capital of the Corporation and one-half of one warrant to
purchase a Common Share (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Common
Share at an exercise price of $0.06 for a period of 12 months from the
closing of the Offering.
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 purposes.
The Offering is subject to receipt of all necessary regulatory
approvals. The securities issued pursuant to the Offering will be
subject to a four month hold period in Canada from the date of the
closing of the Offering. The Offering is expected to close on or about
December 31, 2013. Certain insiders of the Corporation may participate
in the Offering.
Accredited investors (as defined in National Instrument 45-106 of the
Canadian Securities Administrators) are encouraged to contact the
Corporation if they are interested in participating in the Offering.
PanTerra is a diversified junior public oil and gas company listed on
the TSX Venture Exchange ("TSXV") under the symbol "PRC", with holdings in both conventional and
unconventional projects in Western Canada that have excellent
optimization and exploitation potential. Company information can be
found at: www.panterraresource.com.
This news release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities in any jurisdiction.
The Units may be offered or sold in other eligible foreign
jurisdictions and to U.S. buyers on a private placement basis pursuant
to an applicable exemption from registration requirements in Rule 144-A
or Regulation D of the United States Securities Act of 1933, as amended.
This press release contains certain forward-looking statements within
the meaning of applicable securities law. Forward-looking statements
are frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made and are
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
projected in the forward-looking statements. The Corporation cannot
assure that actual results will be consistent with these forward
looking statements. They are made as of the date hereof and are subject
to change and the Corporation assumes no obligation to revise or update
them to reflect new circumstances, except as required by law.
Prospective investors should not place undue reliance on forward
looking statements. These factors include the inherent risks involved
in the exploration for and development of crude oil and natural gas
properties, the uncertainties involved in interpreting drilling results
and other geological and geophysical data, fluctuating energy prices,
the possibility of cost overruns or unanticipated costs or delays and
other uncertainties associated with the oil and gas industry. Due to
the nature of the oil and natural gas industry, budgets are regularly
reviewed in light of the success of the expenditures and other
opportunities which may become available to the Corporation.
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.
For further information:
Fred P. Rumak P.Geol.
President and C.E.O. at 403-261-5900
Jake Pronk P. Geol
V.P. Exploration at 403-261-5900