Terraco Gold Corp. (TSX.V:TEC, US:TCEGF) has a gold project portfolio that includes a gold royalty and royalty option (up to 3% NSR) on the Spring Valley Gold Project (Nevada), which is a joint venture between the world's largest gold producer, Barrick Gold Corp, and Midway Gold Corp.
Terraco Gold Corp. has arranged a non-brokered private placement of up to eight million units at a price of 7.5 cents per unit for total gross proceeds of up to $600,000. Each unit will comprise one common share of the company and one-half of one share purchase warrant. Each whole warrant will entitle the holder thereto to purchase for a period of 24 months one additional share at an exercise price per warrant share of 10 cents.
All securities issued under the private placement will be subject to a hold period of four months and one day from the closing date. The company may pay finders' fees in cash and issue finder warrants. The private placement and finders' fees are subject to regulatory approval.
Net proceeds from the private placement will be used for corporate development and general working capital purposes related to 2015 and 2016.