Canterra Minerals Announces Closing of $2.0 Million Private Placement Led by Michael Gentile and Other Strategic Investors to Fund Gold Exploration in Newfoundland

Core Viewpoint - Canterra Minerals Corporation has successfully closed a non-brokered private placement, raising gross proceeds of $2,004,000 through the issuance of 16,700,000 units at a price of $0.12 per unit, which will be used to fund exploration activities at its Wilding Gold project and for general working capital purposes [1][3][4]. Group 1: Private Placement Details - The private placement involved the issuance of units, each consisting of one common share and one half of a common share purchase warrant, with the warrant allowing the purchase of one share at $0.20 for 12 months [2]. - The participation of Cairn Merchant Partners LP, controlled by Canterra's Chairman, in the private placement qualifies as a related party transaction but is exempt from formal valuation and minority shareholder approval requirements [6]. Group 2: Use of Proceeds - The net proceeds from the private placement will be directed towards drilling the Wilding Gold project, which is located in the central Newfoundland Mining District, adjacent to Equinox Gold's Valentine Mine [3][4]. - The company aims to mobilize a drill rig to the Wilding Gold Project to explore multiple high-grade, drill-ready gold targets, enhancing its exploration momentum [4]. Group 3: Company Overview - Canterra Minerals is focused on critical minerals and gold exploration in central Newfoundland, with several mineral deposits near historically significant mining sites [8]. - The company's gold projects are strategically located along a structural corridor that hosts mineralization within Equinox Gold's mine project, indicating significant exploration potential [8].