TORONTO, May 01, 2018 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (“Magna Terra” or the “Company”) (TSX-V:MTT) (SSE:MTTCL) is pleased to announce that it has completed the sale of 10 million common shares of Northern Superior Resources Inc. (“Northern”) at a price of $0.04 per share, for gross proceeds of $400,000. The Company sold the shares to Thorsen Fordyce Merchant Capital Inc., a company related to the President of Magna Terra in a transaction facilitated through the TSX Venture Exchange (“TSX-V”) at the then asking price. This transaction is a related party transaction under TSX-V policy 5.3 and is subject to its review. The Company continues to hold 1.5 million common shares of Northern, along with 5 million $0.075 warrants exercisable until March 6, 2019.
Lew Lawrick, President and CEO of Magna Terra commented; “this sale of Northern shares has provided cash working capital to the Company and eliminated an overhang in the Northern market. The Company will use the cash for general working capital purposes. With five drill ready projects in our Santa Cruz, Argentina precious metals exploration portfolio, it is anticipated that one or more of these projects will be advanced in priority through first phase drilling by the Company on its own, or with partners by the end of 2018”.
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra (MTT) has a significant interest in the province of Santa Cruz, Argentina within the prolific Deseado Massif in southern Patagonia. With Argentina’s rapidly improving political environment and aggressive reforms the tone has been set for the renewal of this rising mining frontier. MTT is perfectly positioned to advance this highly prospective exploration portfolio and has the experienced management team needed to bring its vision to light. Several of the projects in our portfolio are available for option or joint venture. www.magnaterraminerals.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick, President & CEO: 647-478-5307
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure by the parties to complete the Transaction, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.