Teras Resources Inc.

Teras Resources Inc.

June 12, 2009 14:27 ET

Teras Completes Third Closing of Non-Brokered Unit Private Placement

CALGARY, ALBERTA--(Marketwire - June 12, 2009) - Teras Resources Inc. ("Teras") (TSX VENTURE:TRA): Further to press releases dated May 11, 2009 and June 5, 2009, Teras is pleased to announce that it has completed a third and final 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 12, 2011. All securities issued in connection with the closing of the private placement are subject to a four-month hold period (until October 13, 2009). Combined proceeds from all three tranches of the private placement totaling $465,000 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 34,985,786 common shares issued and outstanding. Finder's fees totaling $5,500 were paid to finders for their participation in this third 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)