Calgary, Alberta / ACCESSWIRE / January 22, 2015 / Teras Resources Inc. (TRA.V) ("Teras" or the "Company") is
pleased to announce that, further to its news release dated January 7, 2015, the
maximum gross proceeds of the non-brokered private placement (the "Offering") of
common shares ("Common Shares") of the Corporation at a price of $0.08 per
Common Share has been increased to $1,425,000 (up to 17,812,500 Common Shares).
The Offering is expected to close on or about January 28, 2015, and the Offering
is subject to TSX Venture Exchange final acceptance. The Common Shares issued in
connection with the Offering will be subject to a four month and 1 day hold
period from the date of issuance of such securities. The majority of the
proceeds of the Offering will be reserved for an upcoming Diamond core drill
program at our Cahuilla project. A finder's fee of up to 6% of the gross
proceeds of the Offering may be paid on all or any portion of this Offering. All
other terms of the Offering remain the same. For further information on the
Offering, please see the news release of Teras dated January 7, 2015.
About Teras
Teras is focused on developing its Cahuilla project located in
Imperial County, California. The project encompasses an area of at least 3 km by
1.5 km and Teras believes that the Cahuilla project has the potential to develop
into a mining operation consisting of altered and mineralized sedimentary and
volcanic host rocks with numerous sheeted high-grade quartz veins. Teras filed
on SEDAR a NI 43-101 compliant technical report with an indicated resource of
1.0 million ounces of gold and 11.9 million ounces of silver on its Cahuilla
project (70 million tons at an average grade of 0.015 ounces per ton gold and
0.17 ounces per ton silver with a cut-off of 0.008 ounces per ton gold) and
inferred class of 10 million tons grading 0.0111 opt gold and 0.10 opt silver.
Gold equivalent ounces are 1.2 million ounces in indicated class and 130,000
ounces in inferred class using a ratio of 55 silver ounces to 1 gold ounce.
Dale A Vitone P. Eng., registered with the Association of
Professional Engineers of Ontario, Alberta and Northwest Territories and a
director of Teras, is the Company's nominated qualified person responsible for
monitoring the supervision and quality control of the programs completed on the
Company's properties. Mr. Vitone has reviewed and verified the mining scientific
and technical information contained in this news release.
For further project and corporate information, contact:
Teras Resources Inc.
Peter Leger, President
(403)
262-8411
(403) 852-0644
Email: pleger@teras.ca
Website: www.teras.ca
Mike Padley, Director of Finance
(403) 689-2237
Email:
mikepadley@shaw.ca
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 of accuracy of this
news release.
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation. All statements, other
than statements of historical fact, included herein are forward-looking
information. Generally, forward-looking information may be identified by the use
of forward-looking terminology such as "plans", "goals", " expects" or "does not
expect", "proposed", "potential", "is expected", "budgets", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases, or by the use of words or
phrases which state that certain actions, events or results may, could, would,
or might occur or be achieved. In particular, this news release contains
forward-looking information regarding: the Offering and the date of closing of
the Offering; the anticipated use of proceeds of the Offering and the Diamond
drilling program to be conducted by the Company with the use of proceeds from
the Offering; the potential of the Company's Cahuilla project to develop into a
mining operation; and the Company's goals for the Cahuilla project. This
forward-looking information reflects the Company's current beliefs and is based
on information currently available to the Company and on assumptions the Company
believes are reasonable. These assumptions include, but are not limited to: TSX
Venture Exchange approval of and market acceptance of the Offering; the
availability of third parties to conduct the Diamond drilling program; the
actual results of exploration projects and current exploration programs being
equivalent to or better than estimated results in technical reports or prior
exploration results; and future costs and expenses being based on historical
costs and expenses, adjusted for inflation. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by such
forward-looking information. Such risks and other factors may include, but are
not limited to: the early stage development of the Company and its projects;
general business, economic, competitive, political and social uncertainties;
commodity prices; the actual results of current exploration and development or
operational activities; competition; changes in project parameters as plans
continue to be refined; accidents and other risks inherent in the mining
industry; lack of insurance; delay or failure to receive board or regulatory
approvals; changes in legislation, including environmental legislation,
affecting the Company; timing and availability of external financing on
acceptable terms; conclusions of economic evaluations; and lack of qualified,
skilled labour or loss of key individuals. A description of other assumptions
used to develop such forward-looking information and a description of other risk
factors that may cause actual results to differ materially from forward-looking
information can be found in the Company's disclosure documents on the SEDAR
website at www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other factors that
cause results not to be as anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking information. The
Company does not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE: Teras Resources Inc.