Key Developments: Terra Energy Corp (TT.TO)

TT.TO on Toronto Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Terra Energy Corp closes final tranche of private placement of units and flow-through shares
Friday, 14 Mar 2014 04:53pm EDT 

Terra Energy Corp:Closed the second and final tranche of recently announced non-brokered private placement offering by issuance of 645,000 units at a price of $0.40 per Unit and 600,000 common shares at a price of $0.40 per Flow-Through Share.Aggregate gross proceeds pursuant to the second tranche of the Offering is $498,000 and the total aggregate gross proceeds pursuant to the Offering is $2 mln.Gross proceeds will be used to incur eligible Canadian development expenses.  Full Article

Terra Energy Corp. closes first tranche of private placement
Thursday, 27 Feb 2014 10:00pm EST 

Terra Energy Corp:Has closed the first tranche of its the recently announced non-brokered private placement.Offering pursuant to the issuance of 1,755,000 units of the company at a price of $0.40 per Unit.And 2,000,000 common shares of the company to be issued on a flow-through basis at a price of $0.40 per Flow-Through Share.Resulting in aggregate gross proceeds of $1,502,000.  Full Article

Terra Energy Corp announces private placement of up to $1.25 mln of units and flow-through shares
Friday, 21 Feb 2014 05:10pm EST 

Terra Energy Corp:Intends to complete a non-brokered private placement offering of up to an aggregate of 3,125,000 units.Common shares of the company to be issued on a "flow-through" basis, a price of $0.40 per Unit and $0.40 per Flow-Through Share.Resulting in gross proceeds of up to $1.25 mln.Each Unit shall consist of one common share of the company.Each Warrant will be exercisable into one Common Share at a price of $0.50 per Common Share on or before June 30, 2015.Gross proceeds of the Flow-Through Shares will be used by the Company to incur eligible Canadian development expenses.  Full Article

Terra Energy Corp Closes On Sale Of Remaining Montney Assets
Tuesday, 9 Jul 2013 05:09pm EDT 

Terra Energy Corp announced that the Company has closed on the sale of the balance of its Montney assets in northeast British Columbia to Crew Energy Inc. (Crew) for gross cash proceeds of $36 million. This is the final stage of a three part transaction with Crew involving the sale by the Company of its Montney assets in northeast British Columbia for combined gross proceeds of $78 million. The Company initially closed on the sale of Montney assets to Crew in December 2012, for gross proceeds of $22 million, which included Montney assets in Monias and Groundbirch. On February 28th, 2013 the Company completed the second stage of the transaction involving Montney assets located in Stoddart, Eagle and Attachie to Crew for $20 million gross proceeds. This third and final stage of the transaction involved Montney assets in Altares, Hudson and Mica but did not include any production. Proceeds from this final stage, less standard industry adjustments and commissions, will be used to pay down debt and strengthen the Company's balance sheet. It is estimated that the Company's total net debt following closing is approximately $20 million. Terra's average daily production for the first quarter of 2013 was 4,469 boe/d.  Full Article

Terra Energy Corp Announces Agreement To Sell Montney Assets For $36 Million
Tuesday, 4 Jun 2013 08:00am EDT 

Terra Energy Corp announced that Crew Energy Inc. (Crew) has exercised the option to purchase the balance of Terra's Montney assets in northeast British Columbia for a purchase price of $36 million. Terra intends to utilize the net proceeds from this sale to further reduce indebtedness. Terra's production and cash flow will remain unchanged as a result of this sale as the assets included in this transaction have no current production attributed to them.  Full Article

Terra Energy Corp Agrees To Sell Montney Assets In Northeast British Columbia
Tuesday, 4 Dec 2012 08:30am EST 

Terra Energy Corp announced that Board of Directors has authorized the sale of the Company's Montney Assets in northeast British Columbia for a total consideration of $78.0 million to an industry peer. The transaction is to occur in two parts; the first part consisting of the immediate sale of 57 net sections of Montney rights located primarily in the Monias area of northeast British Columbia for a total cash consideration of $22.0 million and is scheduled to close on December 14, 2012. The second part of the transaction consists of an option for the purchaser to acquire, exercisable by March 15, 2013, the remaining approximately 140 net sections of mineral rights in northeast British Columbia for an additional consideration of $56.0 million. The proceeds from the sale of Terra's Monias assets will have an immediate impact in strengthening the Company's balance sheet and reducing total indebtedness.  Full Article

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