Canada's Gold Terra to raise $4.4 mln via overnight offering

Gold Terra Resource Corp., a Canadian mining firm, is planning to raise as much as 6 million Canadian dollars ($4.4 million) through an overnight marketed offering.

Under the deal, the company agreed with BMO Capital Markets, as lead underwriter and on behalf of a syndicate of underwriters to be formed, to sell a combination of common shares at a price of 0.074 and 0.085 per share.

Moreso, the company has granted an underwriters' option, exercisable at the offering price for a thirty days period after the deal close, to sell common shares equal to up to an extra 15 percent of the offering to cover any over-allotments.

In addition, the proceeds from the offering, which is expected to close on or about May 16, 2023, will be used to advance Gold Terra's exploration projects, for working capital, Canadian exploration expenses, and others.