Canterra Minerals Announces Closing of $2.0 Million Private Placement Led by Michael Gentile and Other Strategic Investors to Fund Gold Exploration in Newfoundland

Executive Summary

• Canterra Minerals closed a non‑brokered private placement, issuing 16,700,000 units at $0.12 per unit for gross proceeds of $2,004,000 CAD.
• Proceeds will be used to drill the Wilding Gold project in central Newfoundland and for general working capital.
• The placement included strategic investors, notably Michael Gentile and Cairn Merchant Partners (controlled by Chairman Andrew Farncomb), constituting a related‑party transaction exempt from MI 61‑101 valuation/approval thresholds.

Key Details

• Units Issued: 16,700,000 units at $0.12 per unit → Gross proceeds: CAD $2,004,000.
• Unit Composition: 1 common share + ½ warrant (each whole warrant allows purchase of one share at $0.20 for 12 months post‑closing).
• Net Proceeds Use:
• Drilling program at the exploration‑stage Wilding Gold project (central Newfoundland Mining District, adjacent to Equinox Gold’s Valentine Mine).
• General working capital.
• Strategic Investors:
• Michael Gentile – large shareholder and Canadian resource investing leader.
• Cairn Merchant Partners LP (controlled by Chairman Andrew Farncomb) purchased 1,294,999 units.
• Related‑Party Transaction: Exempt from formal valuation/minority approval under MI 61‑101 because neither the fair market value nor consideration exceeds 25% of market cap.
• Hold Period: Units and warrants subject to a hold period ending March 1 2026 per Canadian securities law.
• No Finders’ Fees Paid.
• Regulatory Disclaimer: Securities not registered in the United States; offering restricted to non‑U.S. persons under Regulation S.

Notable Quotes

“The closing of this financing positions Canterra to immediately mobilize a drill rig to the Wilding Gold Project, where we have multiple high‑grade, drill‑ready gold targets. With three rigs active across two flagship projects in the Central Newfoundland Mining District, we’re maximizing our discovery potential and accelerating our exploration momentum,” – Chris Pennimpede, President & CEO, Canterra Minerals.