Magna Terra Updates Flow-Through Private Placement

Magna Terra Minerals Inc. announced updates to its earlier declared flow-through financing, aiming for gross proceeds of $500,000. The private placement will comprise $285,000 in premium flow-through common shares at $0.09 per share and $215,000 in flow-through common shares at $0.08 per share. The funds raised will support Canadian exploration expenses, focusing on the Humber Project in Newfoundland and the Rocky Brook Project in New Brunswick.

Insiders are expected to participate in the offering. These transactions qualify as "related party transactions" under MI 61-101, but Magna Terra is exempt from certain requirements due to the offering's stature and the approval from independent directors.

The company might pay finder’s fees as allowed by the TSX Venture Exchange. A second closing is anticipated on February 20, 2025, contingent upon exchange approval.