ACCESS Newswire
13 Aug 2020, 02:49 GMT+10
TORONTO, ON / ACCESSWIRE / August 12, 2020 / Magna Terra Minerals Inc. (the 'Company' or 'Magna Terra') (TSX-V:MTT) is pleased to announce that it has received the final approval from the TSX Venture Exchange (the 'Exchange') in connection with its completion of the acquisition of Anaconda Mining Inc.'s ('Anaconda') wholly-owned subsidiary, 2647102 Ontario Inc. (the 'Acquisition'), the consolidation of its issued and outstanding shares on the basis of seven (7) old common shares for one (1) new common share of the Company (the 'Share Consolidation') and the closing of the previously announced private placement (the 'Offering') whereby the Company raised gross proceeds of $4.987 million (see news release dated August 4, 2020 for more details). As a result of these transactions, Magna Terra will now be listed on the Exchange as a Tier 1 Mining Issuer and trading of its common shares on a post-Share Consolidation basis is expected to commence on the Exchange at the opening of the market on August 14, 2020 under the symbol 'MTT'.
Following the completion of the Acquisition and the Offering, to the knowledge of the Company, the following are the only persons who own of record or beneficially, directly or indirectly, or exercise control or direction over, more than 10% of the common shares of Magna Terra Shares:
(1) 4,447,952 of these shares are held through Thorsen-Fordyce Merchant Capital Inc., a private company controlled by Mr. Lawrick.
Furthermore, as the Acquisition constitutes a 'Reverse Take Over' under the policies of the Exchange, the common shares of the Company issued to Anaconda in connection with the Acquisition and the securities held by the Principals of the Company (as such term is defined on the policies of the Exchange) are subject to an eighteen (18) month escrow agreement with Computershare Investor Services Inc., the whole as described in the table below:
About Magna Terra
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns two district-scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district scale drill ready projects available for option or joint venture.
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: [email protected]
Website: www.magnaterraminerals.com
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: Magna Terra Minerals Inc.
Get a daily dose of Toronto Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Toronto Telegraph.
More InformationHONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...
WASHINGTON, D.C.: The U.S. government has granted GE Aerospace permission to resume jet engine shipments to China's COMAC, a person...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
(Photo credit: Kamil Krzaczynski-Imagn Images) A common refrain during the Toronto Blue Jays' best winning streak in a decade has...
(Photo credit: Thomas Shea-Imagn Images) Brayan Rocchio lined a go-ahead, two-run double into the left field corner with two outs...
(Photo credit: Matt Marton-Imagn Images) Joey Loperfido, Nathan Lukes and Addison Barger homered and Jose Berrios pitched six strong...
(Photo credit: Kim Klement-Imagn Images) Tyler Johnson, who played 13 seasons in the NHL and won back-to-back Stanley Cups with the...
(Photo credit: Bill Streicher-Imagn Images) Veteran guard Kyle Lowry, who spent parts of the last two seasons playing in his hometown...
(Photo credit: Bob DeChiara-Imagn Images) The Heat, Clippers and Jazz completed a deal on Monday that sent John Collins to Los Angeles,...