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FINWIRES

Terra Balcanica Resources Extends Private Placement Deadline; Terra North Option Deal Updated

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Terra Balcanica Resources (TERA.CN) after trade Friday extended the closing date for a non-brokered private placement to Sept. 8.

The financing aims to raise up to C$750,000 through the sale of up to 15-million units at C$0.05 per unit, as originally announced in June, the company said, adding that the offering remains subject to regulatory approvals and customary closing conditions.

The company also said its spin off, Terra North Resources, in which it holds a 46.3% stake, issued 5.6-million shares to Fulcrum Metals Canada at C$0.10 per share as the second anniversary payment under their option agreement signed Thursday.

The Terra North shares held by Fulcrum Canada will now be subject to a 12-month voluntary lock-up after Terra North's public listing, alongside any regulatory hold periods. The cash payment to Fulcrum Canada by Terra North has been deferred until the earlier of 13 trading days after the listing or Oct. 31, according to the statement.

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