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FINWIRES

Magna Terra Minerals to Raise C$2 Million Via Private Placement

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Magna Terra Minerals (MTT.V) intends to complete a non-brokered private placement for C$2 million, it said in a statement on Tuesday.

The offering will consist of the issuance of 6.3-million premium flow-through common shares at C$0.2375 per premium flow-through common share and 2.9-million common shares at C$0.175 per common share, it said.

Proceeds from the issuance of the premium flow-through common shares will be used to incur "Canadian exploration expenses" that qualify as "flow-through mining expenditures." Proceeds from the issuance of the common shares will be used for general working capital needs, it said.

Some insiders of the company are expected to participate in the offering.

Shares of the company were last seen down 2.4% at C$0.205 on the TSX Venture Exchange.

Price: $0.21, Change: $-0.01, Percent Change: -2.38%

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