Jim Pattison Takes 18.72-percent Stake in Canterra Minerals

Canterra Minerals Corp. (TSXV:CTM) announced that it has closed a non-brokered private placement for gross proceeds of $2 million, selling 16,214,285 units priced at $0.07 each as well as 8,650,000 common shares issued as flow-through shares for $0.10 each. Canadian billionaire Jim Pattison acquired 14,000,000 shares, gaining an 18.72-percent stake in the company as a result.

Proceeds will be put towards “property acquisition, general corporate purposes, and general exploration expenditures.”

As quoted in the press release:

Each Unit consists of one common share one-half of one non-transferable common share purchase warrant. Each full Warrant entitles the holder to purchase one additional common share until July 29, 2016 at a price of $0.10. In the event that, at any time after the expiry of the four month hold period, the Company’s common shares trade at a closing price on the TSX Venture Exchange is greater than $0.20 per share during any twenty consecutive trading-day period the Company may accelerate the Warrant Expiry Date by giving notice to the holders thereof and in such case the Warrants will expire on the 21st business day after the date on which such notice is given to the holders by the Company.

The Company paid finders’ fees totaling $18,741 representing 6% of a portion of the gross proceeds raised and issued aggregate finders warrants of 258,729 representing 6% of a portion of the Offering sold. Each of the finders’ warrants are exercisable until July 29, 2015, at a price of $0.10 per share.

Click here to read the full Canterra Minerals Corp. (TSXV:CTM) press release.

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