SOURCE: Terra Nova Energy Ltd.
CALGARY, AB--(Marketwire - Oct 19, 2012) - Terra Nova Energy Ltd. (TSX VENTURE: TGC) ("Terra Nova" or the "Corporation"), announces that it is conducting a non-brokered private placement financing to raise up to CDN $2 million in proceeds from the sale of 10,000,000 units to subscribers outside of Canada and the United States. The units shall be sold at a price of $0.20 per unit and will be comprised of one share and one share purchase warrant, exercisable at $0.30 for a period of 24 months from the date of closing. The offering is expected to close some time before November 1, 2012.
The Corporation has agreed to pay Clarion Finance Pte Ltd. of Singapore a finder's fee for any subscribers introduced to Terra Nova. Clarion will receive a 5% fee on the aggregate gross proceeds from such subscribers, and 5% of the total number of units sold in agent's warrants, exercisable on the same terms as the warrants being sold in the offering.
The financing is subject to standard closing conditions and approval by the TSX Venture Exchange.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Terra Nova Energy Ltd.
Terra Nova Energy Ltd. is 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.