Teras Resources Inc.

Teras Resources Inc.

December 22, 2006 14:55 ET

Teras Completes Second Tranche of Unit Private Placement for Total Gross Proceeds of $600,865

CALGARY, ALBERTA--(CCNMatthews - Dec. 22, 2006) - Teras Resources Inc. ("Teras") (TSX VENTURE:TRA): Further to Press Release issued November 20, 2006, Timothy Bergen, a director of Teras, announces that Teras completed the closing of the second and final tranche of a non-brokered private placement of 1,111,000 units at a price of $0.165 per unit for gross proceeds from the second tranche of $183,315. Together with the first tranche which closed on November 20, 2006, a total of 3,641,607 units were issued for total gross proceeds of $600,865. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at $0.35 per share for a period of two years from closing. All of the securities issued in connection with this tranche of the private placement are subject to a four-month hold period (until April 23, 2007). Proceeds of the private placement will be used to carry out property assessment work and an exploration program with the goal of initiating the exploration program in the spring of 2007.

After giving effect to the private placement, Teras has 21,196,425 common shares issued and outstanding. In connection with the issuance of certain units of this tranche of the private placement, an aggregate finder's fee of $5,293.20 was paid to Emerging Equities. Directors of Teras subscribed for a total of 50,000 units. The completion of the private placement is subject to final TSX Venture approval. Teras has determined that exemptions from the various requirements of TSX Venture Policy 5.0 and OSC Rule 61-501 are available for the issuance of the units.

Teras will continue to update shareholders on the progress of future corporate news, financings, and project developments. For further project and corporate information contact Peter Leger, President, at 403.852.0644

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