Terreno Resources Corp. Closes $325,500 Financing
TORONTO, July 27, 2022 - Terreno Resources Corp. (TSXV:TNO.H) ("Terreno" or the "Company") wishes to announce that the Company has filed a revised Form C (Notice of Proposed Share Issuance/ Financing) for regulatory approval to close a $325,500 financing. The total financing is for 6,510,000 units at $0.05. Each unit consists of one common share plus one full warrant exercisable at $0.06 for twelve months from the date of closing. Subject to regulatory approval, the Company intends to request an extension of the warrants for a second year exercisable at $0.07 and a third year exercisable at $0.08 as part of the application to graduate from the NEX board to the TSX Venture Exchange.
The first tranche consisted of 4,910,000 common shares issued September 20, 2021 with a legend date of January 21, 2022 and 4,910,000 warrants exercisable at $0.06 for twelve months to September 20, 2022. The second tranche consisted of 1,600,000 common shares issued November 5, 2021 with a legend date of March 6, 2022 and 1,600,000 warrants exercisable at $0.06 for twelve months to November 5, 2022. The numbers of shares and warrants above have been reduced from the numbers news released September 20, 2021 and November 5, 2021 to reflect deducting the amounts from the CEO now reflected below as shares for debt.
The Company has also filed a Form C (Notice of Proposed Share Issuance/ Financing) for regulatory approval. This Form C is for a Shares for Debt for settlement of $45,000 of debt to the CEO with the issue of 600,000 common shares on September 20, 2021 with a legend date of January 21, 2022 and 300,000 common shares issued November 5, 2021 with a legend date of March 6, 2022. The 600,000 warrants issued September 20, 2021 and the 300,000 warrants issued November 5, 2021 have been cancelled as this is considered a non arms length transaction.
Subsequent to the close of this financing and the shares for debt transactions, the Company has 58,971,506 common shares issued and outstanding.
Additional information on the Company can be viewed at www.sedar.com
For additional information, contact: Tel: (905) 467-1109
Email: georgeabrown0955@gmail.com
Suite 1102, 44 Victoria Street, Toronto, Ontario M5C 1Y2
Neither The TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.