Major Emerging Gold Producer in Central B.C.
LOM average 217,000oz/yr Au , 88 million lbs/yr Cu for 15 years on Flagship property (CAPEX payback 2.9 yrs. at $900/oz Au,$2.50Cu)
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March 25, 2010 Terrane Announces $100,001,000 Financing With Goldcorp Participation |
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Vancouver, British Columbia: Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TRX: TSX-V), is pleased to announce that Terrane has entered into an agreement with a syndicate of underwriters with respect to a $70,000,700 bought-deal financing and has agreed to terms with Goldcorp Inc. ("Goldcorp") on a $30,000,300 non-brokered private placement financing. In addition, Terrane and Goldcorp have agreed to work towards extending the Goldcorp-guaranteed $40,000,000 credit facility for another year (see press releases dated July 9, 2008 and January 8, 2010). The Company intends to use the proceeds to fund the 2010 construction program at the Mt. Milligan Project and for working capital purposes. A syndicate of underwriters led by National Bank Financial Inc. and including Scotia Capital Inc., BMO Capital Markets and Sandfire Securities Inc. (collectively the "Underwriters") have agreed to purchase 63,637,000 units (the "Units") from Terrane on a bought-deal basis and sell them to the public at a price of $1.10 per Unit for gross proceeds of $70,000,700 (the "Public Offering"). Each Unit will consist of one common share and one-half common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $1.50 for a period of 12 months from closing. Concurrent with the Public Offering, 27,273,000 additional Units will be issued at the same price on a non-brokered private placement basis (the "Private Placement") to Goldcorp for gross proceeds of $30,000,300. Terrane has also granted to the Underwriters an over-allotment option to purchase an additional 9,545,550 Units at the same price, exercisable in whole or in part, for a period of 30 days on or following the closing date. If the over-allotment option is exercised in full, the gross proceeds to the Company from the Public Offering and the Private Placement will be $110,501,105. The Units in the Public Offering will be offered by way of a short-form prospectus in all the provinces of Canada except Quebec, and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, as well as in other jurisdictions as may be determined by Terrane and the Underwriters. Both financings are expected to close on or about April 16, 2010. About Terrane Metals Corp. Terrane is an exploration and mine development company focused on the development of the Mt. Milligan gold-copper Project in British Columbia, Canada. TERRANE METALS CORP. Signed "Robert Pease" Robert Pease, P.Geo, FGAC President and CEO |
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