CALGARY, Jan. 28 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Company") announces that it increased the size of its previously announced
private placement from $200,000 to $250,000 (the "Increased Offering"). Under the Increased Offering, the Company will issue 1,250,000
common shares (the "Shares") at a price of $0.20 per Share for total gross proceeds of $250,000 to
investors, including certain directors of the Company.
The proceeds of the Increased 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 Increased Offering is subject to receipt of all necessary regulatory
approvals. The Shares issued pursuant to the Increased Offering will be
subject to a 4 month hold period in Canada from the date of the
closing. There are no agents or finder's fees payable with respect to
the Increased 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 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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