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Magna Terra Updates $1.5 Million Non-Brokered Private Placement

TORONTO, ON / ACCESSWIRE / May 18, 2022 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSX-V:MTT) would like to provide an update to its press release dated May 2, 2022 regarding its non-brokered Private Placement. Subject to all …

TORONTO, ON / ACCESSWIRE / May 18, 2022 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSX-V:MTT) would like to provide an update to its press release dated May 2, 2022 regarding its non-brokered Private Placement. Subject to all regulatory approvals, the Company intends to complete a non-brokered Private Placement of gross proceeds up to $1.5 million (the "Offering").

The Offering will consist of a combination of Premium Flow-Through Units ("PFT Units") at a price of $0.14 per PFT Unit; and Hard Dollar Units ("HD Units") at a price of $0.10 per HD Unit.

Each PFT Unit will consist of one (1) flow-through common share of the company and one half (1/2) of one flow-through common share purchase warrant. Each full flow-through common share purchase warrant will be exercisable for an additional common share of the Company at a price of $0.15 for 24 months from the date of issuance.

Each HD Unit will consist of one (1) common share of the company and one half (1/2) of one common share purchase warrant. Each full common share purchase warrant will be exercisable for an additional common share of the Company at a price of $0.15 for 24 months from the date of issuance.

The warrants issued in conjunction with this Offering will be subject to an Acceleration Clause, four (4) months plus one (1) day after the Closing Date of the Private Placement, whereby the Acceleration Clause will be in effect if the closing price of the common shares of the Company on the TSX Venture Exchange is equal to or greater than $0.35 for ten (10) consecutive trading days, entitling the Company to accelerate the expiry date of the warrants such that the holders of the warrants shall have a period of thirty (30) days to exercise the warrants upon deemed receipt of the Acceleration Notice.

The gross proceeds from the issuance of PFT Units will be used to incur "Canadian exploration expenses" that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) related to the Company's mineral exploration projects, in southern New Brunswick and western Newfoundland. The proceeds from the issuance of HD Units will be used for general working capital purposes.

In connection with the Private Placement, the Company may pay finder's fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a regulatory four month and one day hold period. It is anticipated that an initial closing will occur on or before May 31, 2022. The Private Placement is subject to approval by the TSX Venture Exchange.

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Magna Terra Updates $1.5 Million Non-Brokered Private Placement TORONTO, ON / ACCESSWIRE / May 18, 2022 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSX-V:MTT) would like to provide an update to its press release dated May 2, 2022 regarding its non-brokered Private Placement. Subject to all …

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