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| | July 23, 2007
Terrane Receives Proceeds From Underwriters' Exercise Of Over-Allotment Option
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| | Vancouver, British Columbia: Terrane Metals Corp. (TSXV: TRX) (the "Company") announces that it has issued an additional 5,557,500 units (each a "Unit"), at a price of $0.65 per Unit for gross proceeds to the Company of $3,612,375 to an underwriting group led by Canaccord Capital Corporation, and including Genuity Capital Markets, Haywood Securities Inc. and Blackmont Capital Inc. (collectively, the "Underwriters"). Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.85 per common share for a period of five years from closing. The Units were issued as a result of the Underwriters exercising the over-allotment option granted in connection with a public offering that closed on June 21, 2007.
The Company intends to use the net proceeds of the Offering to advance the ongoing evaluation for the Company's Mt. Milligan Property, the exploration drilling at the Company's Berg Property and for general working capital purposes.
About the Company
Terrane Metals Corp. is an exploration and mine development company focused on the development of the Mt. Milligan gold-copper and Berg copper-molybdenum-silver projects in British Columbia, Canada. Goldcorp Inc. (GG: NYSE; G: TSX) owns a 59% equity interest in Terrane on a fully diluted basis.
TERRANE METALS CORP.
Signed "Robert Pease"
Robert Pease, P.Geo, FGAC
President and CEO
For Further information contact:
Ryan King, Investor Relations
(604) 681-9930 Phone
http://www.terranemetals.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements". Such forward-looking statements including but not limited to those with respect to the proposed use of proceeds anticipated to be raised by the financing involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Terrane to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. |
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