Terra Energy Corp. announced that it has received CAD 2 million in funding.
On February 25, 2014, the company announced that it has increased the size to CAD 2 million. The company will now issue 5,000,000 units. The closing of the transaction is expected to occur in one or more tranches with the first closing expected to occur on or about February 26, 2014. Insiders of the company will be participating in the transaction for CAD 710,000.
On February 27, 2014, the company announced that it has closed the first tranche of the transaction. The company has issued 1,755,000 units and 2,000,000 flow-through common shares for aggregate gross proceeds of CAD 1,502,000. The company paid a finder's fee of CAD 35,000 to certain arm's length eligible persons. The company expects to close the second tranche by March 22, 2014.
On March 14, 2014, Terra Energy Corp. closed the transaction. The company raised CAD 498,000 by issuing 645,000 units and 600,000 flow-through common shares.