PanTerra Raises $2.2 Million in Placement

PanTerra Resource Corp. has closed its recently announced non-brokered private placement of flow-through financing, which realized gross proceeds of $2,200,189.25. A total of 6,286,255 flow-through shares were issued at a price of $0.35 and are subject to a four month "hold period."

The company will use these proceeds for its ongoing projects at Shell Lake, Foam Lake and Moose Jaw in the province of Saskatchewan, which are now entering the evaluation and completion stage of Phase One.

"As a result of this closing, Brickburn Asset Management Inc. (one of the placees), is considered an 'insider' of the company as defined in the applicable securities legislation. Brickburn acts as a portfolio manager to a number of flow-through limited partnerships, and its ownership of the company's securities are held in that capacity, with the flow-through limited partnerships being the beneficial owners of the securities."