The company said the offering is expected to raise a total of C$10.8 million, with the second tranche anticipated to close on or around July 31, subject to customary conditions.

Gold Terra said the financing received support from new investors as well as existing shareholders, including David Harquail and Mackenzie Fund.

Gold Terra Resource (YGT.V) said the first tranche included placing about 8.6 million common shares at C$0.18 each for gross proceeds of about C$1.55 million. Additionally, 20 million charity flow-through shares were issued at C$0.25 each for C$5 million, and 10 million flow-through shares at C$0.22 each for C$2.2 million.

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