VANCOUVER, British Columbia, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Canterra Minerals Corporation (TSXV:CTM) (OTCQB:CTMCF) (FSE:DXZB) ("Canterra" or the "Company") is pleased to announce the closing of its previously announced private placement (see news releases dated December 4, 2025 and December 19, 2025) consisting of Critical Minerals flow-through shares and National flow-through shares for total gross proceeds of $5,705,361.51. (the "Private Placement").
Pursuant to the Private Placement the Company issued 10,980,000 Critical Minerals flow-through shares at a price of $0.25 per share (each, a "CMFT Share") for gross proceeds of C$2,745,000. Each CMFT Share comprises one common share of the Company (each, a "Common Share") issued as a flow-through share designated as a "Critical Mineral flow-through share" within the meaning of the Income Tax Act (Canada).
Pursuant to the Private Placement the Company issued 12,871,137 National flow-through shares at a price of $0.23 per share (each, a "FT Share") for gross proceeds of C$2,960,361.51. Each FT Share comprises one Common Share issued as a flow-through share designated as a "flow-through share" within the meaning of the Income Tax Act (Canada).
The gross proceeds from the issuance of the CMFT Shares and FT Shares will be used for Canadian exploration expenses and will qualify as "flow-through critical mineral mining expenditures" and "flow-through mining expenditures", respectively, as defined in subsection 127(9) of the Income Tax Act (the "Qualifying Expenditures"), which will be incurred on or before December 31, 2026, and renounced to the subscribers of the CMFT Shares and the FT Shares with an effective date no later than December 31, 2025 in an aggregate amount not less than the gross proceeds raised from the issue of the CMFT Shares and the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of CMFT Shares and FT Shares for any additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures as agreed.
The Company intends to use the net proceeds from the Private Placement for the exploration of the Company's projects in central Newfoundland, including its Wilding Gold and Buchans Projects.
All figures are in Canadian dollars.
In connection with the ...
