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TSX Venture Exchange: PRC
CALGARY, Sept. 4, 2014 /CNW/ - PanTerra Resource Corp.
("PanTerra" or the "Corporation") is pleased to announce the
completion of its previously announced rights offering to
shareholders of PanTerra (the "Rights Offering"). Under the Rights
Offering, holders of common shares of PanTerra ("Common Shares")
subscribed for and purchased an aggregate of 3,443,147 Common
Shares at a price of $0.075 per
Common Share, resulting in gross proceeds to the Corporation of
approximately $258,000. The proceeds
of the Rights Offering will be used by the Corporation for capital
expenditures and for general corporate purposes.
PanTerra also announces that on today's date it has granted
40,312,450 stock options to directors, officers, employees and
consultants of PanTerra at a exercise price of $0.32. The stock options have been granted
pursuant to PanTerra's 10% rolling stock option plan and will
expire five years from the date of grant. All of the stock
options vest as to one third thereof on each of the first, second
and third anniversaries of the date of grant. Subsequent to
this stock option grant, PanTerra will have a total of 70,040,950
stock options outstanding.
About PanTerra
PanTerra is a junior public oil and gas company listed on the
TSX Venture Exchange under the symbol "PRC", with conventional and
unconventional assets in Western
Canada. The technical team has worked together for over a
decade in the Foothills Region of Western
Canada, through two successful, publicly traded companies.
The unique skills and repeat success at exploiting a complex,
potentially prolific play type are fundamental ingredients for a
successful growth-oriented company in Western
Canada. Corporation information can be found at:
www.panterraresource.com.
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements
including opinions, assumptions and estimates and includes the use
by the Corporation of the proceeds of the Rights Offering for
capital expenditures and for general corporate purposes.. When used
in this document, the words "will," "anticipate," "believe,"
"estimate," "expect," "intent," "may," "project," "should," and
similar expressions are intended to be among the statements that
identify forward-looking statements. The forward-looking statements
are founded on the basis of expectations and assumptions made by
PanTerra.
Forward-looking statements are subject to a wide range of risks
and uncertainties, and although PanTerra believes that the
expectations represented by such forward-looking statements are
reasonable, there can be no assurance that such expectations will
be realized.
Any number of important factors could cause actual results to
differ materially from those in the forward -looking statements
including, but not limited to, regulatory and third party approvals
not being obtained in the manner or timing anticipated, the ability
to implement corporate strategies, the state of domestic capital
markets, the ability to obtain financing, changes in general market
conditions and other factors more fully described from time to time
in the reports and filings made by PanTerra with securities
regulatory authorities.
Except as required by applicable laws, PanTerra does not
undertake any obligation to publicly update or revise any
forward-looking statements.
Neither 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.