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VANCOUVER, Jan. 3, 2012 /CNW/ - Pan Terra Industries Inc. ("Pan Terra" or the "Company") (TSXV: PNT) is pleased to announce that, further to its news releases of October 25th, October 31st and December 30, 2011, it has closed its non-brokered private placement (the "Private Placement"), pursuant to which the Company has raised aggregate gross proceeds of $2,400,000 through the issuance of 6,857,143 units (the "Units") at a price of $0.35 per Unit. Each Unit consisted of one common share and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable into one common share at a price of $0.50 per common share until January 3, 2014.
The proceeds from the Private Placement will be used to fund the cash portion of the previous announced acquisition of Congo Namibia Trading (PTY) Limited and general working capital purposes.
All securities issued under the Private Placement are subject to a four month hold period which expires May 3, 2012.
ON BEHALF OF THE BOARD OF DIRECTORS
PAN TERRA INDUSTRIES INC.
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 of accuracy of this news release.
All statements in this news release, other than statements of historical fact, that address events or developments that Pan Terra expects to occur, are "forward-looking statements". Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause Pan Terra's actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Pan Terra expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
For further information:
Pan Terra Industries Inc.
Suite 830 - 1011 Melville Street
Vancouver, British Columbia V6E 4A6