Magna Terra Receives Final Approval of the TSX Venture Exchange for the Exploreco Acquisition, Shares to Resume Trading on August 14
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Magna Terra Receives Final Approval of the TSX Venture Exchange for the Exploreco Acquisition, Shares to Resume Trading on August 14

Wednesday, August 12, 2020 5:10 PM
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Mergers and Acquisitions

TORONTO, ON / ACCESSWIRE / August 12, 2020 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSX-V:MTT) is pleased to announce that it has received the final approval from the TSX Venture Exchange (the "Exchange") in connection with its completion of the acquisition of Anaconda Mining Inc.'s ("Anaconda") wholly-owned subsidiary, 2647102 Ontario Inc. (the "Acquisition"), the consolidation of its issued and outstanding shares on the basis of seven (7) old common shares for one (1) new common share of the Company (the "Share Consolidation") and the closing of the previously announced private placement (the "Offering") whereby the Company raised gross proceeds of $4.987 million (see news release dated August 4, 2020 for more details). As a result of these transactions, Magna Terra will now be listed on the Exchange as a Tier 1 Mining Issuer and trading of its common shares on a post-Share Consolidation basis is expected to commence on the Exchange at the opening of the market on August 14, 2020 under the symbol "MTT".

Following the completion of the Acquisition and the Offering, to the knowledge of the Company, the following are the only persons who own of record or beneficially, directly or indirectly, or exercise control or direction over, more than 10% of the common shares of Magna Terra Shares:

Name and Municipality of Residence

Number of commons shares
of Magna Terra

Percentage of the issued and outstanding
common shares of Magna Terra

Anaconda.............................
Toronto, Ontario

12,493,482

27.32%

Lewis Lawrick.....................
Toronto, Ontario

4,544,809(1)

9.94%

(1) 4,447,952 of these shares are held through Thorsen-Fordyce Merchant Capital Inc., a private company controlled by Mr. Lawrick.

Furthermore, as the Acquisition constitutes a "Reverse Take Over" under the policies of the Exchange, the common shares of the Company issued to Anaconda in connection with the Acquisition and the securities held by the Principals of the Company (as such term is defined on the policies of the Exchange) are subject to an eighteen (18) month escrow agreement with Computershare Investor Services Inc., the whole as described in the table below:

Securityholder

Common Shares
(Post-Consolidation)

Warrants
(Post-Consolidation)

Stock Options
(Post-Consolidation)

Anaconda

12,493,482

Nil

Nil

Lew Lawrick

183,142

Nil

264,284

Errol Farr

236,242

42,857

135,713

Thorsen-Fordyce Merchant Capital Inc.

1,611,667

407,142

Nil

Michael J. Byron

124,028

Nil

135,713

Dennis Hall

235,336

Nil

96,428

Dennis Logan

Nil

Nil

82,142

Richard Bedell

10,000

Nil

82,142

About Magna Terra

Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns two district-scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district scale drill ready projects available for option or joint venture.

FOR FURTHER INFORMATION PLEASE CONTACT:

Magna Terra Minerals Inc.
Lewis Lawrick

President and CEO, Director
647-478-5307
Email: [email protected]
Website: www.magnaterraminerals.com

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.

SOURCE: Magna Terra Minerals Inc.

Magna Terra Minerals Inc.
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