TSX-V: PRC
CALGARY, April 30, 2014 /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
$0.07 per Unit for total gross
proceeds to the Corporation of up to $700,000 (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 $0.12 for a
period of 12 months from the closing of the Offering.
The proceeds of the Offering will be mainly used for general
working capital purposes and for the participation in a development
well on the Corporation's 100% held property located at Tomahawk
West in Alberta.
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
May 21, 2014. Certain insiders of the
Corporation may participate in the Offering.
About PanTerra
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.