Teras Resources Inc.

Teras Resources Inc.

June 05, 2009 18:49 ET

Teras Completes Second Closing of Non-Brokered Unit Private Placement

CALGARY, ALBERTA--(Marketwire - June 5, 2009) - Teras Resources Inc. ("Teras") (TSX VENTURE:TRA): Further to a press release dated May 11, 2009, Teras is pleased to announce that it has completed a second closing of a non-brokered private placement of 1,100,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of $55,000. Each Unit consists of one common share and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable into one common share for two years from the date of issuance at a price of $0.15 per share until June 5, 2011. All securities issued in connection with the closing of the private placement are subject to a four-month hold period (until October 6, 2009). Combined proceeds from both tranches of the private placement totaling $410,000 will be used to carry out exploration and development on Teras' current properties, for general working capital and new business development. After giving effect to the private placement, Teras has 33,885,786 common shares issued and outstanding. Finder's fees totaling $5,000 were paid to finders for their participation in this second tranche of the private placement. The completion of the private placement is subject to final TSX Venture Exchange approval. No new insiders were created, nor has any change of control occurred, as a result of this private placement.

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 news release.

Contact Information

  • Teras Resources Inc.
    Peter Leger
    (403) 852-0644
    Email: pleger@teras.ca
    Website: www.teras.ca
    Stirling Investor Relations
    Sam Grier
    (403) 229-2115
    (403) 802-0766 (FAX)