Teras Resources Inc.

Teras Resources Inc.

March 11, 2008 16:43 ET

Teras Announces $1,000,000 Financing

CALGARY, ALBERTA--(Marketwire - March 11, 2008) - Teras Resources Inc. ("Teras" or "the Company") (TSX VENTURE:TRA): Peter Leger, President and Chief Executive Officer of Teras is pleased to announce that Teras intends to complete a non-brokered private placement of up to 5,263,158 units at a price of $0.19 per unit for gross proceeds of up to $1,000,000. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable into one common share at $0.35 per share for two years from the issuance of such warrant. A finder's fee of up to 10% of the gross proceeds of the private placement may be paid on all or any portion of this private placement. Additionally, a finder's option may be issued in respect of the private placement in an amount up to 10% of the number of units sold to subscribers introduced by any particular finder. The finder's option will be exercisable into common shares for a period of 12 months from the date of issuance at $0.19 per share. It is not anticipated that any new insiders will be created, nor that any change of control will occur, as a result of the private placement. Completion of the private placement is subject to regulatory approval. Proceeds of the private placement will be used to carry out exploration and development on Teras' current properties and for general working capital and new business development.

Teras will continue to update shareholders on the progress of future corporate news, financings, and project developments.

Stock Symbol TRA on the TSX Venture Exchange Inc.

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange Inc., the Alberta Securities Commission, the British Columbia Securities Commission and maintained on www.sedar.com.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Teras Resources Inc.
    Peter Leger
    (403) 852-0644