On July 22, 2016 Teras Resources Inc. closed the transaction. The company amended the terms of the transaction. The company issued 9,454,332 units at a price of CAD 0.12 per unit for gross proceeds of CAD 1,134,520. The transaction involved participation from 39 placees including 1 placee from professional group for 200,000 units. TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The hold period for the securities issued in the transaction will expire on November 23, 2016. The company paid finder’s fee of CAD 4,074 and issued 33,950 finder’s warrants to Leede Jones Gable Inc. Each finder’s warrant entitles the holder to purchase one common share at a price of CAD 0.24 per share for a period of two years from closing.