On April 24, 2023, Canterra Minerals Corporation closed the transaction. The company issued 20,783,600 units at a price of CAD 0.05 per unit for the gross proceeds of CAD 1,039,180 and 1,847,000 flow-through shares at a price of CAD 0.06 per FT share for the gross proceeds of CAD 110,820; for aggregate gross proceeds of CAD 1,150,000. Each Unit consists of one common share of the Company and one common share purchase warrant, with each Warrant entitling the holder thereof to acquire one additional common share of the Company at an exercise price of CAD 0.075 until April 24, 2028.The securities issued pursuant to the Offering are subject to a four month and one day statutory hold period in Canada, expiring on August 25, 2023.

The transaction included participation from Michael Gentile and Andrew Farncomb for a total of 6,000,000 units. Michael Gentile purchased 3,000,000 Units. Prior to the closing, Michael Gentile held 9,263,925 common shares representing approximately 12%.

Following the closing, Michael Gentile has beneficial ownership of, or control and direction over, 12,263,925 common shares and 3,000,000 warrants. Assuming exercise of the warrants, Michael Gentile will have beneficial ownership of, or control and direction over, 15,263,925 common shares, representing approximately 14.9% of the issued and outstanding common shares of Canterra calculated as of the date of the transaction. In connection with the transaction, the company paid a finder’s fee of CAD 12,000, settled by the issuance of 200,000 common shares of the company at a deemed price of CAD 0.06 per share.

The TSX Venture Exchange has accepted for filing documentation with respect to offering. The transaction included participation from 20 placees and aggregate existing insider involvement for 6,000,000 shares from two placees.