Closing of the Transaction of $10,930,000 with Terranueva Pharma Corporation and Concurrent Private Placement of $2,310,000
MONTREAL, Dec. 17, 2018 (GLOBE NEWSWIRE) -- Terranueva Corporation (the “Corporation” or “Terranueva”) (CSE:TEQ) is pleased to announce the closing of a private placement and of the transaction of $10 930 000 with Terranueva Pharma Corporation (“Terranueva Pharma”) consisting of a reverse takeover between the shareholders of Terranueva Pharma and Axe Exploration Inc. (the “Transaction”). The Transaction has been approved by the Canadian Securities Exchange (the “CSE”) on December 14th, 2018, the contractual documentation of the Transaction and the concurrent private placement of $2,310,000 previously described in the Proxy Circular dated October 23, 2018 were also closed on that date. As a result, 4,620,000 common shares were issued as of December 14th, 2018, as well as 2,310,000 warrants, each of which entitles its holder to acquire one additional common share at a price of $0.65 per common share for a period of 18 months. The private placement was made in accordance with the conditions previously announced by the Corporation and the common shares issued in this private placement are subject to a mandatory hold period of four months and one day.