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Terraco Gold Closes $4.7M Private Placement with Wexford Funds

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Terraco Gold Closes $4.7M Private Placement with Wexford Funds

 

 

 

 

 

Terraco Gold Corp. (TSX-V: TEN) is pleased to announce that it has closed a previously announced non‑brokered 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, 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 TSX Venture Exchange 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.

 

Posted July 9, 2019

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