Teras Resources Inc.

Teras Resources Inc.

June 13, 2008 16:34 ET

Teras Completes $0.19 Unit Private Placement

CALGARY, ALBERTA--(Marketwire - June 13, 2008) - Teras Resources Inc. ("Teras") (TSX VENTURE:TRA): Further to a Press Release dated March 11, 2008, Peter Leger, President and a director of Teras, announces that Teras has completed the closing of a non-brokered private placement of 1,598,057 units at a price of $0.19 per unit for gross proceeds of $303,630.53. Each unit consisted of one common share and one-half of one common share purchase warrant. Each warrant is exercisable into one common share at $0.35 per share until June 13, 2010. All of the securities issued in connection the private placement are subject to a four-month hold period (until October 14, 2008). Proceeds of the private placement will be used to carry out exploration and development on the Corporation's current properties, for general working capital and for new business development. After giving effect to the private placement, Teras has 25,685,786 common shares issued and outstanding.

Further to a press release dated April 9, 2008, the Corporation has granted 300,000 options to purchase common shares to Dr. Dennis LaPoint, a director of the Corporation, such options having an exercise price of $0.19 per share and an expiry date of June 13, 2013. 50,000 of the options vest immediately, and the remaining 250,000 vest over the next 15 months as to 50,000 options per each successive 3 months period from the date of grant. The Corporation has determined that exemptions exist from TSX Venture Policy 5.9 and Multi-Lateral Instrument 61-101 for the issuance of the options to Dr. LaPoint. The issuance of options as disclosed in the April 9, 2008 press release did not occur.

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

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, the British Columbia Securities Commission and the US Securities and Exchange Commission.

The TSX-Venture Exchange 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