Canterra Minerals Announces an Increase of its Non-brokered Private Placement of up to $4.6M due to investor demand
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Canterra Minerals Announces an Increase of its Non-brokered Private Placement of up to
$4.6M due to investor demand
Vancouver, B.C. (December 18, 2024) – Canterra Minerals Corporation ( TSXV:CTM) (OTCQB: CTMCF) (“Canterra”
or the “Company”) is pleased to announce that it has increased the size of its previously announced non-brokered
private placement financing (the “Financing”) (see news release dated December 11, 2024 of up to a maximum of
for aggregate gross proceeds of up to C$ 4,600,000, comprised of Units of the Company (“Units”) priced at C$0.10
per Unit and Flow -Through Shares (“FT Shares”) issued at C$0.12 per share, designated as “flow -through” under
subsection 66(15) of the Income Tax Act (Canada) (the “Income Tax Act”). Red Cloud Securities Inc. (“Red Cloud”) is
acting as a finder in connection with the Non-Brokered Private Placement.
Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one -half of one common
share purchase warrant (each whole common share purchase warrants, a “Warrant”). Each Warrant shall entitle the
holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.15 at any time
on or before that date which is 36 months after the closing date of the Non -Brokered Private Placement.
The Company intends to use the net proceeds from the Non -Brokered Private Placement for the exploration of the
Company’s projects in central Newfoundland as well as for working capital and general corporate purposes. The
gross proceeds from the issuance of the FT Shares will be used for Canadian exploration expenses and will qualify as
“flow-through critical mineral mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (the
“Qualifying Expenditures”), which will be incurred on or before December 31, 2025 and renounced to the subscribers
of the FT Shares with an effective date no later than December 31, 2024 in an aggregate amount not less than the
gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada
Revenue Agency, the Company will indemnify each subscriber of FT Shares for any additional taxes payable by such
subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed.
The Non-Brokered Private Placement is scheduled to close on or around December 19, 2024, and is subject to certain
conditions including, but not limited to, receipt of all necessary approvals including the acceptance of the TSX
Venture Exchange (the “TSXV”). A cash commission and finder’s warrants may be paid to arm’s length finders on a
portion of the Non-Brokered Private Placement. The Unit Shares, FT Shares and Warrant Shares will be subject to a
hold period ending on the date that is four months plus one day following the issue date of such securities under
applicable Canadian securities laws.
The securities being offered pursuant to the Non -Brokered Private Placement have not been, nor will they be,
registered under the United States Securities Act of 1933, as amended (the “Securities Act”) or any state securities
laws, and may not be offered or sold to, or for the account or benefit of, any person in the United States or any “U.S.
person”, as such term is defined in Regulation S under the Securities Act, absent registration or an applicable
exemption from registration requirements. This news release shall not cons titute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale
would be unlawful.
About Canterra Minerals
Canterra is a diversified minerals exploration company focused on critical minerals and gold in central
Newfoundland. The Company’s projects include six mineral deposits located in close proximity to the world
renowned, past producing Buchans mine and Teck Resources’ Duck Pond mine that collectively produced copper,
zinc, lead, silver and gold. Several of Canterra’s deposits support current and historical Mineral Resource Estimates
prepared in accordance with National Instrument 43 -101 and the Canadian Inst itute of Mining, Metallurgy, and
Petroleum Definition Standards for Mineral Resources and Mineral Reserves current at their respective effective
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dates. Canterra’s gold projects are located on-trend of Calibre Mining’s Valentine mine currently under construction
and cover a ~60 km extension of the same structural corridor that hosts mineralization within Calibre’s mine project.
Past drilling by Cant erra and others within the Company’s gold projects intersected multiple occurrences of
orogenic style gold mineralization within a large land position that remains underexplored. effective September 20,
2018. In addition, Canterra holds exploration stage gold properties that cover 80 km of strike length of the regional
gold bearing Rogerson Lake structural corridor which hosts Marathon Gold Corporation’s feasibility stage Valentine
Lake Gold Project. The gold projects have been subject to four drilling camp aigns, demonstrating many gold
occurrences and warranting further exploration. In Alberta, Canada, Canterra also holds a 50% interest and is
operator of the Buffalo Hills diamond project, with Star Diamond Corporation holding the remaining interest. The
Buffalo Hills diamond project has been subject to considerable exploration expenditures, including a bulk sample,
which has identified 38 kimberlites.
The Company would like to thank the Government of Newfoundland and Labrador for past financial support of
exploration work through the Junior Exploration Assistance Program.
ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
Chris Pennimpede
President & CEO
Additional information about the Company is available at www.canterraminerals.com
For further information, please contact: +1 (604) 687-6644
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”)
within the meaning of the applicable Canadian securities legislation, including statements with respect to estimated mineral
resources, the opening of avenues for substantial discoveries within the belt, the Buchans Project being ripe for a modern approach
with significant exploration potential for high grade VMS mineralization, the Company anticipating being strongly positioned to
unveil the next mineral discovery in central Newfoundland. All statements, other than statements of historical fact, are forw ard-
looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statem ent
that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often
but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating t hat
certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements
of historical fact and may be forward -looking statements. Consequently, there can be no assurances that such statements will
prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except
to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no
obligation to update these forward -looking statements if management’s beliefs, estimates or opinions, or othe r factors, should
change. Factors that could cause future results to differ materially from those anticipated in these forward -looking statements
include risks associated possible accidents and other risks associated with mineral exploration operations, th e risk that the
Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permittin g
and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be
able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or leg al changes
that might interfere with the Company’s business and prospects.; as well as those risks and uncertainties identified and reported
in the Company's public filings under its SEDAR+ profile at www.sedarplus.ca. Accordingly, readers should not place undue reliance
on the forward -looking statements and information contained in this press release. Except as require d by law, the Company
disclaims any intention and assumes no obligation to update or revise any forward -looking statements to reflect actual results,
whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking
statements or otherwise.