Teras Resources Inc.

Teras Resources Inc.

December 07, 2006 21:22 ET

Teras Announces Closing of Shares for Debt

CALGARY, ALBERTA--(CCNMatthews - Dec. 7, 2006) - Teras Resources Inc. ("Teras") (TSX VENTURE:TRA) is pleased to announce that the second and final tranche of the debt settlement through the issuance of common shares of the Corporation previously announced on March 22, 2006 has closed, subject to TSX Venture Exchange final approval. The Corporation issued 651,154 common shares at a price of $0.15 per share for full satisfaction of indebtedness owed in the amount of $97,673. All of the common shares issued in connection with this debt settlement are subject to a four month hold, which expires on April 8, 2007. For full details of the shares for debt, see the information circular of Teras dated April 13, 2006 and filed on SEDAR on April 18, 2006.

After giving effect to the debt settlement, the Corporation has approximately 20,085,425 common shares issued and outstanding.

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

Contact Information

  • Teras Resources Inc.
    Peter Leger
    President and Chief Executive Officer
    (403) 262-3797