Terreno Resources Corp. Closes its Private Placement Financing
August 11, 2011
TORONTO, ONTARIO--(Marketwire - Aug. 11, 2011) - Terreno Resources Corp. (TSX VENTURE:TNO) ("Terreno" or the "Company") is pleased to announce that it closed its non-brokered private placement announced on July 15, 2011 and July 25, 2011, raising gross proceeds of $2,739,750 through the issuance of 18,264,997 units at a price of $0.15 per Unit (each a "Unit"). Each Unit is comprised of one common share and one half share purchase warrant. Each full purchase warrant (a "Warrant") entitles the holder to acquire one additional common share for a period of two years at a price of $0.25. The securities issued under the private placement are subject to a four month hold period expiring on December 10, 2011.
Finder's fees of $188,982 were paid in cash, and 1,259,883 Warrants were issued on the placement to registered agents and brokers.
Proceeds of the placement will be applied to the company's gold, copper and silver projects in Argentina, the phosphate and potash projects in Brazil (subject to closing the transaction detailed in a press release dated April 20, 2011), in addition to general working capital.
Subscribers to the placement included insiders and or control persons of Terreno or their affiliates purchasing 6,673,333 Units.
June Hamilton corporate secretary of the Company has resigned effective immediately, and the Company thanks June for all her efforts in the past years. Gerry Feldman, Chief Financial Officer of the Company will assume June's duties as corporate secretary.
About Terreno Resources
Terreno, meaning "of the earth" in Spanish, represents the Company's focus on natural resource opportunity development in South America. Terreno has option agreements on three exploration projects in Argentina; La Poposa (formerly referred to as Amarillo) in San Juan, Socompa and Trigal in Salta. All three projects boast significant alteration systems and have the potential for copper, gold and silver mineralization. For more information, please visit www.terrenoresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Terreno Resources Corp.