Magna Terra Minerals Inc. has upsized its recently announced private placement by $1.75 million to secure total gross proceeds of up to $3.75 million, driven by strong investor demand.

The fully subscribed financing is structured into two distinct tranches. Magna Terra will issue up to 8,421,056 premium flow-through common shares at a price of $0.2375 per share, alongside up to 10,000,000 ordinary common shares priced at $0.175 each. Strategic junior mining investor Michael Gentile, who holds a 17% stake in the company, is participating in the offering alongside other insiders.

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

The company is currently advancing its Phase 1 2026 summer exploration program across the Humber Copper-Cobalt and Shellbird Gold projects. The placement remains conditional upon receiving formal approval from the TSX Venture Exchange, and all securities issued under the offering will be subject to a statutory four-month and one-day hold period.

Read the full announcement: Magna Terra Announces Upsize of Private Placement to $3.75 Million