Quaterra Resources (QMM) Raises $2.3M From Private Placement
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Quaterra Resources Inc. (NYSE: QMM) today announced that its previously announced private placement was increased and has closed with the issuance of 6,541,571 units (the "Units") for gross proceeds of US$2,289,550.
Each Unit is comprised of one common share and one non-transferable common share purchase warrant of the Company. Each share purchase warrant is exercisable to purchase one additional common share at US$0.53 per share for a period of two years from the closing of the Offering, expiring December 28, 2014, subject to the following acceleration provision: if, at any time after four months from the date of closing of the Offering, the five-day weighted average trading price of the Company's common stock on the NYSE MKT exceeds US$1.00 (the last day of such five-day period being the "Trigger Date"), the Company will, within seven days of the Trigger Date (the "Notice Date") accelerate the expiry date of the warrants by giving notice to the holders of the warrants that the expiry date of the warrants has been accelerated to 30 days after the Notice Date.
All of the common shares and warrants issued pursuant to the Offering bear, and any common shares issued upon exercise of warrants prior to April 29, 2013 will bear, legends restricting the securities from trading for a period of four months and one day from closing, expiring on April 29, 2013. Finders fees of US$25,000 were paid in cash with regard to the sale of some of the Units.
Proceeds of the Offering are intended to be used to fund the Company's exploration and development programs at the Company's silver and gold projects in Mexico and at the MacArthur and Yerington copper projects in Nevada, as well as general and administration expenses.
Each Unit is comprised of one common share and one non-transferable common share purchase warrant of the Company. Each share purchase warrant is exercisable to purchase one additional common share at US$0.53 per share for a period of two years from the closing of the Offering, expiring December 28, 2014, subject to the following acceleration provision: if, at any time after four months from the date of closing of the Offering, the five-day weighted average trading price of the Company's common stock on the NYSE MKT exceeds US$1.00 (the last day of such five-day period being the "Trigger Date"), the Company will, within seven days of the Trigger Date (the "Notice Date") accelerate the expiry date of the warrants by giving notice to the holders of the warrants that the expiry date of the warrants has been accelerated to 30 days after the Notice Date.
All of the common shares and warrants issued pursuant to the Offering bear, and any common shares issued upon exercise of warrants prior to April 29, 2013 will bear, legends restricting the securities from trading for a period of four months and one day from closing, expiring on April 29, 2013. Finders fees of US$25,000 were paid in cash with regard to the sale of some of the Units.
Proceeds of the Offering are intended to be used to fund the Company's exploration and development programs at the Company's silver and gold projects in Mexico and at the MacArthur and Yerington copper projects in Nevada, as well as general and administration expenses.
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