Terra Balcanica Closes Third Tranche Of Private Placement Financing

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the 3^rd tranche of the previously announced non-brokered private placement financing (the “Offering”) of units (the ”Units”) for gross proceeds of $176,010 Canadian, resulting in aggregate gross proceeds of $948,760 raised in the Offering to date. The Company previously closed the 2^nd tranche of the Offering for gross proceeds of $567,000 as described in the Company’s press release dated July 19^th, 2024.

The Company issued an aggregate of 1,760,100 Units at a price of $0.10 per Unit pursuant to the third tranche of the Offering announced on May 17^th, 2024 with an oversubscription due to investor interest. Terra announced an increase in the amount of the Offering on July 17^th, 2024 to raise aggregate gross proceeds of up to $1,450,000. Each Unit consists of one common share in the capital of the Company (each a “Common Share”) and one Common Share purchase warrant (each a “Warrant”). Each Warrant issued in the third tranche of the Offering entitles the holder to purchase one Common Share at an exercise price of $0.15 until September 13^th, 2027. Finders’ fees in the amount of $1,750 were paid.

Terra intends to use the net proceeds of the Offering for working capital and to fund the field campaign across its portfolio of properties in Saskatchewan and the Balkans.

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the third tranche of the Offering are subject to a four (4) month hold period ending January 14^th, 2025. The Offering is subject to the approval of the Canadian Securities Exchange. The Company intends to complete the final tranche of the Offering by the first week of October, 2024.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.