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Share Name | Share Symbol | Market | Type |
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TSXV:TRX | TSX Venture | Common Stock |
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NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX), is pleased to announce that Terrane has closed its previously announced bought-deal and non-brokered private placement unit financings. A syndicate of underwriters, led by National Bank Financial Inc., and including Scotia Capital Inc., BMO Capital Markets and Sandfire Securities Inc. (collectively the "Underwriters") purchased 63,637,000 Units (the "Units") at a price of $1.10 per Unit. Goldcorp Inc. purchased 27,273,000 Units at the same price. The aggregate gross proceeds total $100,001,000. Each Unit consists of one common share and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $1.50 until April 16, 2011. Terrane intends to use the aggregate net proceeds from the financings to fund the 2010 construction program at the Mt. Milligan Project and for working capital purposes. Terrane has also granted to the Underwriters an over-allotment option to purchase an additional 9,545,550 Units at the same price, exercisable in whole or in part, for a period of up to 30 days following the closing date. About Terrane Metals Corp. Terrane is an exploration and mine development company focused on the development of the Mt. Milligan gold-copper project in British Columbia, Canada. Goldcorp Inc. (GG: NYSE; G: TSX) owns a 52.4% equity interest in Terrane on a fully diluted basis. TERRANE METALS CORP. Robert Pease, P.Geo, FGAC, President and CEO Cautionary Note Regarding Forward Looking Statements Except for the statements of historical fact contained herein, the information presented in this News Release constitutes "forward-looking statements" as such term is used in applicable Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning Mineral Resource and Mineral Reserve estimates should be viewed as forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements, including but not limited to, those with respect to the price of metals, the amount of estimated mineralization and of contained metals and the timing of and possible outcome of pending economic evaluations and other factors and events described in this News Release, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities; variations in the underlying assumptions associated with the estimation or realization of Mineral Resources and Mineral Reserves, the conclusions of economic evaluations and possible variations in ore grade or recovery rates; costs and timing of the development of the Mt. Milligan Project and other deposits; the intended use of the net proceeds of the financings; availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares; accidents, labour disputes and other risks of the mining industry including without limitation those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this News Release and in any document referred to in this News Release. Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
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