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Terreno Resources Corp Terminates Agreement To Acquire Dominican Renewables, Inc And Announces New Interim President And CEO; Announces Private Placement


Friday, 1 Nov 2013 04:29pm EDT 

Terreno Resources Corp. (Terreno or the Company) announced that effective October 25, 2013, the Company and Dominican Renewables, Inc. have mutually agreed to terminate their agreement as previously announced on August 27, 2013. Both Terreno and Dominican Renewables, Inc. have determined that the costs associated with completing the change of business as required by the TSX Venture Exchange were not the best use of the respective company's funds. The Company also announces that Mr. Bruce Keith has resigned his position as President and CEO and resigned from the Terreno board of directors effective immediately. Terreno announces the appointment of Mr. Richard Patricio, a director of Terreno, as the interim President and CEO until the Board of Directors is able to find a replacement. The Company also announced further that it still plans to complete a non-brokered or brokered private placement (the "Offering") of up to 10,000,000 units at a price of $0.05 per unit (the "Units"). Each Unit will be comprised of one common share and one half of one common share purchase warrant. Each whole warrant shall entitle the holder thereof to purchase an additional common share of Terreno at a price of $0.10 per share for a period of 36 months from closing. Insiders of Terreno are expected to participate in the Offering. The proceeds from the Offering will be used for the general working capital requirements of Terreno. 

Company Quote

0.015
-0.0050 -25.00%
29 Aug 2014