Magna Terra Minerals Inc. intends to complete a non-brokered private placement aiming for gross proceeds of $2,000,000, subject to regulatory approvals including acceptance from the TSX Venture Exchange.

The financing consists of two distinct issuances. Magna Terra will issue 6,315,789 premium flow-through common shares priced at $0.2375 each, alongside 2,857,143 common shares priced at $0.175 each. Michael Gentile, holding a 17% stake, is participating in the offering.

Gross proceeds generated from the premium flow-through shares will be directed toward Canadian exploration expenses qualifying as flow-through mining expenditures. Magna Terra will deploy these funds primarily for exploration programs at the Humber and Shellbird projects located in western Newfoundland, as well as the Prospect Or's Dream, Rocky Brook, and Cape Spencer projects in New Brunswick. Meanwhile, proceeds from the ordinary common shares will support general working capital requirements.

Insider participation in the offering constitutes a related party transaction under Multilateral Instrument 61-101. Magna Terra is relying on exemptions from formal valuation and minority shareholder approval requirements because its securities are not listed on specified exchanges and the transaction value does not exceed $2,500,000.

Finder's fees may be paid in cash, securities, or a combination of both subject to exchange policies. All securities issued under the offering will carry a statutory hold period of four months and one day.

The company holds a 100% interest in the Humber Copper-Cobalt Project in western Newfoundland, which has served as a primary exploration focus following the discovery of the 2.2-kilometre Birch Zone. 

Read the full announcement: Magna Terra Announces $2,000,000 Private Placement