Terra Balcanica (CSE: TERA) this morning indicated that they will be conducting a small private placement. The firm is looking to raise funds via the sale of units at $0.10 per each.
The total financing will looking to raise $500,000, via the sale of 5.0 million units. Each unit contains one common share and one whole warrant, with warrants having an exercise price of $0.15 per each and an expiry of three years from the date of issuance.
Proceeds from the financing are earmarked for further exploration activities at the firms projects in the Balkans, with the closing slated to occur by December 2.
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The financing follows the company recently seeing success in a drill program conducted at the Viogor-Zanik project in Bosnia and Herzegovina. A phase one drill program so far has posted assay results that include 824.4 g/t silver equivalent over 4.0 metres, as well as 1,196 g/t silver equivalent over 2.0 metres.
Terra Balcanica last traded at $0.09 on the CSE.
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