Magna Terra Completes Initial Closing of Flow-Through Financing

Magna Terra Minerals Inc. has successfully completed the initial closing of its flow-through private placement, garnering gross proceeds of $227,000. This finance arrangement is part of a larger offering targeting total gross proceeds of up to $500,000. The company plans to issue up to 3,611,111 premium flow-through shares at $0.09 each and 2,187,500 flow-through shares at $0.08 each.

The funds will finance Canadian exploration expenses, particularly at the newly acquired Humber Project in Newfoundland and the Rocky Brook Project in New Brunswick. In this initial phase, 2,166,667 premium and 400,000 regular flow-through shares were issued.

Notably, Michael Gentile, an insider, acquired 1,000,000 premium shares. Holding 19.96% of the company, his participation qualifies as a related party transaction under securities law. A final closing is expected by February 28, 2025, pending TSX Venture Exchange approval.