Terra Nova Minerals Inc.

May 17, 2012 08:04 ET

Terra Nova Minerals Announces Approval of Acquisition, Resignation of Director and Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - May 17, 2012) - Terra Nova Minerals Inc. ("Terra Nova" or the "Corporation") (TSX VENTURE:TGC) is pleased to announce that the TSX Venture Exchange has issued its final approval in respect of the previously announced acquisition ("Acquisition") by Terra Nova of a 55% interest in two onshore petroleum exploration licences in South Australia from Holloman Energy Corporation.

Terra Nova is now classified as an 'Oil and Gas' company. For further information regarding the Acquisition please refer to the Corporation's press releases dated March 16, April 17, April 20 and May 11, 2012.

Mr. David Stein has resigned as a Director of the Corporation effective immediately. The Board of Directors would like to thank Mr. Stein for his contributions to the Corporation to date, and wish him well in his future endeavours.

Terra Nova is also pleased to announce that it has granted stock options exercisable into a total of 2,750,000 million common shares (representing approximately 4.85% of the current issued and outstanding shares) to certain directors, officers and consultants of Terra Nova with an exercise price of $0.30 per share, subject to regulatory approval. The options were issued pursuant to Terra Nova's stock option plan and expire on May 16, 2022. The options vest in halves, with the first half vesting immediately upon issuance and the second half vesting 18 months after issuance.

About Terra Nova Minerals Inc.

Terra Nova Minerals Inc. is currently a Calgary based oil and gas company. Its common shares trade on the TSX Venture Exchange under the symbol "TGC".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Terra Nova Minerals Inc.
    Norman J. Mackenzie
    Chief Executive Officer
    (403) 815-5204