TORONTO, ONTARIO--(Marketwire - July 25, 2011) - Terreno Resources Corp. (TSX VENTURE:TNO) (the "Company") reports that further to the Company's news release dated July 15, 2011, the Company has increased the non-brokered private placement of Units at $0.15 per Unit (each a "Unit") from 10,000,000 units to 14,000,000 units for aggregate proceeds of $2,100,000. As previously disclosed, each Unit is comprised of one common share and one half share purchase warrant. Each full purchase warrant (a "Warrant") entitles the holder to acquire one additional common share for a period of two years at a price of $0.25.
A finder's fee of 7% of the proceeds placed payable in cash and 7% of the Units placed payable in Warrants is payable on portions of the placement to registered agents/brokers.
Proceeds of the placement will be applied to the Company's gold, copper and silver projects in Argentina, the phosphate and potash projects in Brazil (subject to closing the transaction detailed in a press release dated April 20, 2011) in addition to general working capital.
It is currently anticipated that subscribers to the Offering will include insiders and/or control persons of Terreno or their affiliates.
The Offering is subject to the approval of the TSX Venture Exchange and all securities issued will be subject to a standard four-month hold period.
About Terreno Resources
Terreno, meaning "of the earth" in Spanish, represents the Company's focus on natural resource opportunity development in South America. Terreno has option agreements on three exploration projects in Argentina; La Poposa (formerly referred to as Amarillo) in San Juan, Socompa and Trigal in Salta. All three projects boast significant alteration systems and have the potential for copper, gold and silver mineralization. For more information, please visit www.terrenoresources.com.
Neither the 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.
Contact Information
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A finder's fee of 7% of the proceeds placed payable in cash and 7% of the Units placed payable in Warrants is payable on portions of the placement to registered agents/brokers.
Proceeds of the placement will be applied to the Company's gold, copper and silver projects in Argentina, the phosphate and potash projects in Brazil (subject to closing the transaction detailed in a press release dated April 20, 2011) in addition to general working capital.
It is currently anticipated that subscribers to the Offering will include insiders and/or control persons of Terreno or their affiliates.
The Offering is subject to the approval of the TSX Venture Exchange and all securities issued will be subject to a standard four-month hold period.
About Terreno Resources
Terreno, meaning "of the earth" in Spanish, represents the Company's focus on natural resource opportunity development in South America. Terreno has option agreements on three exploration projects in Argentina; La Poposa (formerly referred to as Amarillo) in San Juan, Socompa and Trigal in Salta. All three projects boast significant alteration systems and have the potential for copper, gold and silver mineralization. For more information, please visit www.terrenoresources.com.
Neither the 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.
Contact Information
*
Terreno Resources
Philip Williams, CFA
President and CEO
416.643.7631
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