4 March 2021
Gold Terra Resource Corp. is pleased to announce that it has completed the previously announced non-brokered private placement of 8,000,000 flow-through common shares of the Company (the "FT Shares") at a price of C$0.36 per FT Share for gross proceeds to Gold Terra of C$2,880,000 (the "Offering").
David Suda, President and CEO, stated, "This financing allows us to double our current drilling program to over 20,000 meters from the original 10,000 meters on the Campbell Shear zone. Securing this funding puts Gold Terra in the desirable position of being able to deliver results to the market well into 2021. The Campbell Shear structure extends over a minimum of 20 kilometres south of the Con Mine and we have only started to drill a small portion of it."
The gross proceeds from the issue and sale of the FT Shares will be used to extend the drilling program already in progress from 10,000 metres to over 20,000 metres on the Campbell Shear target south of the Con mine at the Company's Yellowknife City Gold project (the "YCG Project"), which will qualify as "Canadian Exploration Expenses" and "flow-through mining expenditures", as those terms are defined in the Income Tax Act (Canada), which will be renounced to the purchasers of the FT Shares with an effective date no later than December 31, 2021.