Canterra Minerals (CTM.V) has closed the non-brokered financing it announced earlier this year. The company issued just over 34 million flow-through shares priced at C$0.12 per share while it also raised an additional C$0.5M by issuing 5 million units at 10 cents per share. The hard dollar units contained one common share and half a warrant with each full warrant allowing the warrant holder to acquire an additional share at C$0.15 for a three year period.
While it is great to see the company raised C$4.1M in flow-through funds, raising just C$0.5M in hard dollars shows how tough it still is for smaller companies to raise hard dollar funds. Fortunately Canterra has just over 10 million warrants outstanding with a strike price of C$0.09 while there are an additional 20.8 million warrants at C$0.075. Should those warrants get exercised along the way (despite their expiry dates being pretty far in the future with Q2 2026 an Q2 2028 respectively), Canterra can replenish its hard dollar cash position.
Disclosure: The author has a long position in Canterra Minerals. Canterra is a sponsor of the website. Please read the disclaimer.
