VANCOUVER, BRITISH COLOMBIA--(Marketwired - Nov. 1, 2013) - Terreno Resources Corp. (TSX VENTURE:TNO) ("Terreno" or the "Company") a junior mining exploration and development company listed on the TSX Venture Exchange (the "TSXV") announces that effective October 25, 2013, the Company and Dominican Renewables, Inc. have mutually agreed to terminate their agreement as previously announced on August 27, 2013.
Both Terreno and Dominican Renewables, Inc. have determined that the costs associated with completing the change of business as required by the TSX Venture Exchange were not the best use of the respective company's funds.
The Company also announces that Mr. Bruce Keith has resigned his position as President and CEO and resigned from the Terreno board of directors effective immediately. Terreno announces the appointment of Mr. Richard Patricio, a director of Terreno, as the interim President and CEO until the Board of Directors is able to find a replacement.
Terreno announces further that it still plans to complete a non-brokered or brokered private placement (the "Offering") of up to 10,000,000 units at a price of $0.05 per unit (the "Units"). Each Unit will be comprised of one common share and one half of one common share purchase warrant. Each whole warrant shall entitle the holder thereof to purchase an additional common share of Terreno at a price of $0.10 per share for a period of 36 months from closing. Insiders of Terreno are expected to participate in the Offering.
The proceeds from the Offering will be used for the general working capital requirements of Terreno. All Units will be subject to a hold period expiring four months and one day after closing of the Transaction and subject to the approval of the TSX Venture Exchange.
About Terreno Resources
Terreno, meaning "of the earth" in Spanish, represents the Company's focus on resource opportunity development in South and Central America. In the Dominican Republic, Terreno has the option to acquire the El Carrizal Concession and option agreements on two exploration projects in Argentina; Poposa (formerly referred to as Amarillo) in San Juan, and Socompa in Salta. Terreno's projects boast significant alteration systems and have the potential for copper, gold and silver mineralization. For more information, please visit www.terrenoresources.com.
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.