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:
Name and Municipality of Residence | Number of commons shares | Percentage of the issued and outstanding |
Anaconda............................. | 12,493,482 | 27.32% |
Lewis Lawrick..................... | 4,544,809(1) | 9.94% |
(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:
Securityholder | Common Shares | Warrants | Stock Options |
Anaconda | 12,493,482 | Nil | Nil |
Lew Lawrick | 183,142 | Nil | 264,284 |
Errol Farr | 236,242 | 42,857 | 135,713 |
Thorsen-Fordyce Merchant Capital Inc. | 1,611,667 | 407,142 | Nil |
Michael J. Byron | 124,028 | Nil | 135,713 |
Dennis Hall | 235,336 | Nil | 96,428 |
Dennis Logan | Nil | Nil | 82,142 |
Richard Bedell | 10,000 | Nil | 82,142 |
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: info@magnaterraminerals.com
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.
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https://www.accesswire.com/601450/Magna-Terra-Receives-Final-Approval-of-the-TSX-Venture-Exchange-for-the-Exploreco-Acquisition-Shares-to-Resume-Trading-on-August-14
