Terraco Gold Closes $4.7M Private Placement with Wexford Funds
July 08 2019 - 6:50PM
Terraco Gold Corp. (“
Terraco” or
the “
Company”) (TSX Venture: TEN) is pleased to
announce that it has closed a previously announced non‑brokered
private placement (the “
Private Placement”) for
total gross proceeds to the Company of CDN$4,717,183.
The Private Placement consisted of 36,286,021
common shares of the Company at a price of CDN$0.13 per common
share, which were subscribed for by funds managed by Wexford
Capital LP (the “Wexford Funds”), as described in
the Company’s news release of June 20, 2019. Following completion
of the Private Placement, the Wexford Funds hold approximately
19.9% of the outstanding common shares of the Company on a
non-diluted basis, subject to the Pre-emptive Right discussed
below. Additional common shares may be issued under the
Private Placement to a third-party should it exercise its
pre-emptive right to maintain its pro-rata interest in Terraco (the
“Pre-emptive Right”).
The TSX Venture Exchange (the
"TSXV") has conditionally accepted the Private
Placement. Final acceptance of the Private Placement by the
TSXV is subject to compliance with the customary requirements of
the TSXV.
All securities issued under the Private
Placement will be subject to a hold period of four months and one
day from the closing date. The proceeds from the Private Placement
will be used for working capital, corporate expenses and potential
royalty transactions.
About Terraco
Terraco is a gold royalty company with a royalty
portfolio of up to 3% NSR on the multi-million ounce Spring Valley
Gold Project located in Pershing County, Nevada.
The Company is listed on the TSX Venture
Exchange under the symbol "TEN". Please visit the Company's
website at www.terracogold.com for additional information.
On behalf of Terraco:
Todd HilditchPresident & CEO – Terraco Gold
Corp.Phone: (604) 443 3831
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.
Cautionary & Forward-Looking
Statements
This release contains forward-looking
statements. All statements other than statements of present or
historical fact are forward-looking statements, including
statements with respect to the anticipated use of Private Placement
proceeds and anticipated receipt of final TSX Venture Exchange
acceptance for the Private Placement. Forward-looking
statements include words or expressions such as “proposed”, “will”,
“subject to”, “near future”, “in the event”, “would”, “expect”,
“prepared to” and other similar words or expressions. Factors that
could cause future results or events to differ materially from
current expectations expressed or implied by the forward-looking
statements include general business, economic, competitive,
political and social uncertainties; the state of capital markets
and risks that may impact Terraco’s business, operations and
financial condition. Although Terraco believes that the
expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because
Terraco can give no assurance that they will prove to be
correct. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Additional information on these and other
factors that could affect Terraco’s operations and financial
results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). We disclaim any obligation to update or
revise these forward-looking statements, except as required by
applicable law.
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