Forex News
Terra Clean Energy closes oversubscribed $2.43 million financing
Terra Clean Energy closed its upsized brokered private placement and a concurrent non-brokered sale on Oct. 6, raising about $2.43 million.
- Brokered proceeds totaled about $1.97 million.
- Concurrent non-brokered proceeds added $461,062.
- Centurion One Capital acted as lead agent and sole bookrunner on the brokered deal.
Terra Clean Energy said on Oct. 6 that it closed its previously announced upsized brokered private placement and a concurrent non-brokered sale. Combined gross proceeds came to approximately $2,427,916.
The brokered portion raised about $1.97 million. The non-brokered portion added $461,062.
Centurion One Capital Corp. acted as lead agent and sole bookrunner for the brokered offering, and as fiscal advisor for the non-brokered sale.
Terms
Terra sold 17,342,257 units at $0.14 each. Each unit includes one common share and one warrant.
Each warrant gives the holder the right to buy one share at $0.22 for three years from Oct. 6, 2026. The warrants can be accelerated if, over any 15 consecutive trading days starting on the closing date, the share’s daily volume weighted average trading price is above $0.44.
If Terra exercises that right, the new expiry date becomes the 30th day after notice of exercise.
Use of proceeds
The company said net proceeds will go to capital expenditures and general working capital.
Fees and insider participation
In connection with the financing, the lead agent received a cash commission of $194,233 and 1,387,380 broker warrants.
Insiders bought 700,000 units. Terra said that participation is a related party transaction under MI 61-101. It said a formal valuation was not required and minority shareholder approval was not required.
Source: GlobeNewswire,