Terra Nova Gold Corp

Published : February 10th, 2015

Terra Nova to Receive C$3,000,000 Capital Injection

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Terra Nova to Receive C$3,000,000 Capital Injection

SINGAPORE / ACCESSWIRE / February 10, 2015 / Terra Nova Energy Ltd. ("Terra Nova") (TSX-V: TGC OTCQX: TNVMF) is pleased to announce that it has signed a term sheet with Perseville Investing Inc. ("Perseville") whereby Perseville has agreed to acquire a 5.1666% working interest in each of Petroleum Exploration License ("PEL") 112 and 444 for a total of C$3,000,000 (the "Purchase Price"). Terra Nova plans to use the proceeds for completing up to two wells on the upcoming drill program on PEL 444.

Henry Aldorf, Chairman and CEO, stated, "We are pleased to be raising the necessary initial capital for our upcoming drilling campaign on PEL 444 and possible funding for future wells without further diluting our share structure." Mr. Aldorf added that despite the recent pullback in oil prices, "Low cost, high margin oil production, like producing fields in the Cooper/Eromanga Basins, will continue to be explored even in the current oil price environment."

As additional consideration for the Purchase Price, Terra Nova will grant Perseville (which currently owns a 25.6% working interest in each of PEL 112 and 444) the right to fund any future wells drilled by Terra Nova on PEL 112 and 444 in proportion to the working interest contribution amount of Perseville set forth in the Farm-In Agreement. In the event that Perseville provides such funding, Perseville will not be required to dilute its existing working interest as required under the Farm-In Agreement with Terra Nova.

The parties have agreed to enter into a definitive agreement and are expected to close the transaction on or before February 28, 2015.

About Perseville Investing Inc.

Perseville Investing Inc. is a private boutique investment management firm domiciled in the British Virgin Islands with a longstanding history of expertise in oil and gas investments across multiple jurisdictions globally.

About Terra Nova Energy Ltd.

Terra Nova Energy Ltd. is an oil and gas company with a right to acquire up to a 55% working interest in two onshore petroleum exploration licenses ("PELs"), being PEL 112 and PEL 444, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia. Its common shares trade on the TSX Venture Exchange under the symbol "TGC" and its ordinary shares trade in the U.S. on the OTCQX marketplace under the symbol "TNVMF."

For more information please contact:

Terra Nova Energy Ltd.

Lydia Danis
Corporate Communications
T: +1 604 200 1039
Email:
lydia@terranovaenergyltd.com

Nico Civelli
VP Finance
T: +65 9395 8990
Email:
nico@terranovaenergyltd.com

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 or accuracy of this release.

This news release contains forward-looking information relating to Terra Nova's intentions to conduct the seismic program and subsequent drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. Findings by other oil and gas issuers does not necessarily indicate that Terra Nova will be successful in making such findings in the Western Flank. In making such forward-looking statements, Terra Nova has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Terra Nova in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Terra Nova may elect to, Terra Nova is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.

SOURCE: Terra Nova Energy Ltd.

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Australia | British Virgin Islands | Singapore | All
Gold and Silver Prices for these countries : Australia | British Virgin Islands | Singapore | All

Terra Nova Gold Corp

EXPLORATION STAGE
CODE : TGC.V
ISIN : CA88102K1075
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Terra Nova Gold is a gold exploration company based in Canada.

Terra Nova Gold holds various exploration projects in Canada.

Its main exploration properties are CAPE RAY and SOUTH QUINN LAKE in Canada.

Terra Nova Gold is listed in Canada and in United States of America. Its market capitalisation is CA$ 3.0 millions as of today (US$ 2.2 millions, € 2.0 millions).

Its stock quote reached its lowest recent point on October 08, 2010 at CA$ 0.01, and its highest recent level on January 07, 2011 at CA$ 0.80.

Terra Nova Gold has 85 000 000 shares outstanding.

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Financings of Terra Nova Gold Corp
10/19/2012Energy Ltd. Announces Non-Brokered Private Placement
Nominations of Terra Nova Gold Corp
5/15/2007Director Appointments
Corporate news of Terra Nova Gold Corp
1/25/2016Terra Nova Issues Year-End Letter to Shareholders
12/9/2015IIROC Trading Resumption - TGC
12/9/2015IIROC Trading Halt - TGC
12/4/2015Terra Nova Provides Update on PEL 444 Progress
10/27/2015Terra Nova Engages Senex Energy to Complete First Well on PE...
7/9/2015Vote Your Blue Proxy for the Concerned Shareholder's Nominee...
7/2/2015Concerned Shareholder of Terra Nova Energy Ltd. Urges Shareh...
6/18/2015Terra Nova files Information Circular in Connection with AGM...
3/30/2015Terra Nova Completes Cultural Heritage Clearance for the Upc...
2/23/2015Terra Nova Completes $3,000,000 Capital Injection from Sale ...
2/10/2015Terra Nova to Receive C$3,000,000 Capital Injection
2/2/2015Terra Nova Completes $506,500 Private Placement
12/30/2014Terra Nova Announces Issuance of Shares on Conversion of Not...
12/12/2014Terra Nova Applies for Permits and Heritage Clearance for th...
12/3/2014Terra Nova Announces Proposed $500,000 Private Placement Fin...
11/21/2014Terra Nova Identifies Eight Drilling Locations for PEL 444
10/31/2014Terra Nova Appoints New Chief Financial Officer and Grants S...
10/17/2014Terra Nova Signs Letter of Intent with Hunt Energy and Miner...
9/23/2014Terra Nova Issues Request for Proposal to Drill PEL 444
9/3/2014Terra Nova Provides PEL 444 and 112 Updates
8/8/2014Terra Nova Energy Corrects News Release on Update on Petrole...
8/6/2014Terra Nova Energy Provides Update on Petroleum Exploration L...
7/3/2014Terra Nova Announces Issuance of Shares on Conversion and fo...
10/11/2012Energy Ltd. Operational Update & Drilling Plans
9/19/2012Energy Ltd. Announces New Website and Exploration Update
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