Minterra Resource Corp.
TSX VENTURE : MTR

Minterra Resource Corp.

June 13, 2008 13:56 ET

Minterra Announces $2,000,000 Private Placement for 2008 Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 13, 2008) - Minterra Resources Corp. (the "Company") (TSX VENTURE:MTR) is pleased to announce that it intends to conduct a non-brokered private placement (the "Offering") of up to 40,000,000 units at a price of $0.05 per unit for gross proceeds of Cdn $2,000,000.

Each unit will consist of one common share and 1/2 common share purchase warrant. Each whole warrant will entitle its holder to purchase one additional common share of the Company for two years from the closing date, at a price of $0.08 in the first year and at a price of $0.10 in the second year. The common shares issued under the Offering and upon exercise of the warrants will be subject to a four-month hold period from the date of closing of the Offering. Finders' Warrants will also have these same terms. Any registered dealers that may participate as finders in this offering will receive a finders' fee in respect of such portion consisting of cash in the aggregate amount of 8% of the gross proceeds and finders' warrants equal to 10% of the units placed.

The Company intends to use the net proceeds of the Offering towards a high impact drilling program targeting gold at the 100% controlled Fish and the Agate Pass Projects. These projects are drill ready, fully permitted, with targets selected using geochemistry and geophysics. Proceeds will also be used for an extensive surface sampling program to expand the near surface zinc-copper-silver mineralization discovered in the first phases of drilling at Majuba Hill. Corporate administration and land payment costs will also be supported by the proceeds from the Offering.

The Offering is subject to receipt of all necessary corporate and regulatory approvals, including the acceptance of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS OF MINTERRA RESOURCE CORP.

JOHN W. GREENSLADE, PRESIDENT

The statement made in this News Release contains forward-looking statements regarding the intention of the Company to conduct an offering and regarding the proposed use of proceeds. Actual events or results may differ from the Company's expectations. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Minterra Resource Corporation
    Denby Greenslade
    Corporate Communications Officer
    (604) 687-6690
    or
    CHF Investor Relations
    Lindsay Carpenter
    Account Manager
    (416) 868-1079 ext. 239
    Email: lindsay@chfir.com