Terra Nostra Resources Corporation (TNRO.OB) announced today that is has accepted $4,000,000 in subscription by way of private placement for 4,000,000 units of the Company’s restricted common stock. This private placement offering is at a $1 per unit price. The structure of the deal includes one share of common stock and one warrant allowing the holder to purchase one additional share a $1.75 for a period of three years.
The private placement was subscribed to by previous equity investors and certain officers and directors of the Company. Mr. James Po, chief executive officer of Terra Nostra, and chairman of the two joint venture companies, subscribed for a total of $2,000,000 under the private placement.
The Procceds will be used to fund an additional $2,500,0oo towards copper joint venture working capital, with the remaining $1,500,000 to be used to retire outstanding debt and provide working capital for the company.
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