Key Developments: Quaterra Resources Inc (QMM)
0.13USD
18 Jun 2013
$-0.00 (-0.31%)
$0.13
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$0.12
42,806
87,417
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Latest Key Developments (Source: Significant Developments)
Quaterra Resources Inc Closes Non Brokered Private Placement
Quaterra Resources Inc announced that its previously announced private placement was increased (the Offering) and has closed with the issuance of 6,541,571 units (the Units) for gross proceeds of USD2,289,550. 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 USD1.00 (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. 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. Full Article
Quaterra Resources Inc Announces Non-Brokered Private Placement
Quaterra Resources Inc announced that it is seeking TSX Venture Exchange and NYSE MKT approval for a non-brokered private placement offering (the "Offering") of up to USD2,275,000 gross proceeds. The Offering will consist of up to 6,500,000 Units at USD0.35 per Unit. Each Unit is comprised of one common equity share of the Company and one non-transferable share purchase warrant exercisable to purchase one additional common equity share of the Company at a price of USD0.53 for a period of two years from the closing of the Offering 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 USD1.00 (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. Closing of the Offering is anticipated to be on or before December 22, 2012. 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. Full Article
Grande Portage Resources Ltd Forms Joint Venture With Quaterra Resources, Inc.
Grande Portage Resources Ltd announced that the Company and Quaterra Resources, Inc. have formed a 65%/35% joint venture for the further exploration and development of the property with each party bearing their proportionate costs. Full Article
Quaterra Resources Inc. Sues U.S. Government Over Arizona Strip Uranium Land Withdrawal
Quaterra Resources Inc. announced that the Company and together with co-Plaintiff the Board of Supervisors, Mohave County, Arizona, have filed a lawsuit in the United States District Court for the State of Arizona naming as Defendants the United States Department of the Interior and the Bureau of Land Management. The basis of the lawsuit is that the United States Government, through the Secretary of the Interior and the Bureau of Land Management, did not adhere to mandated statutory procedures when it issued a decision to close more than one million acres of Federal land to all mining in Northern Arizona. Specifically, the suit alleges that the facts and science demonstrated that mining would not harm the Grand Canyon watershed and that the withdrawal of Federal lands regardless of this evidence was arbitrary and capricious; the decision arbitrarily withdraws over one million acres to address subjective sensibilities which enjoy no legal protection; the Secretary did not comply with the procedural requirements of the National Environmental Policy Act; and, the Secretary did not address scientific controversies and failed to coordinate with Local Governments in making his decision. A decision finding that the Secretary failed to follow the criteria and procedures for a withdrawal and setting the withdrawal aside would restore the public lands to the status quo ante and allow Quaterra to proceed to develop the mineral deposits that it has lawfully claimed and worked. Full Article
Grande Portage Finalizes Joint Venture with Quaterra Resources Inc.'s Subsidiary
Grande Portage Resources Ltd announced that its wholly-owned Alaskan subsidiary has entered into a joint venture agreement with Quaterra Alaska Inc. (Quaterra), a wholly-owned subsidiary of Quaterra Resources Inc. for the Herbert Glacier gold project located near Juneau, Alaska (the Herbert Glacier Project). The Herbert Glacier Project consists of a mining lease among Quaterra and certain underlying property owners covering 17 mining claims (the Mining Lease), as well as an additional 74 mining claims which have been added to the project since 2007. Pursuant to the Mining Lease, the Herbert Glacier Project is subject to net smelter returns royalty of 5% and minimum annual advance royalties of USD30,000 to the underlying property owners. Full Article
Quaterra Resources Inc. Announces Exercise Of Warrants
Quaterra Resources Inc. announced that holders of 8,994,206 Warrants have exercised their Warrants to purchase 8,994,206 common shares of the Company at a price of $0.75 per share for proceeds to the Company of $6,745,654.50. The remaining 630,000 Warrants that were issued under the Placement which closed on September 29, 2009, were not exercised and have expired. Proceeds of the Warrant exercise will be used to fund the Company's exploration programs at the MacArthur and Yerington copper projects in Nevada and the Nieves silver project in Mexico, as well as general and administration expenses. Full Article
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