Magna Terra Minerals Announces $450,000 Private Placement

Magna Terra Minerals Inc. has announced plans for a non-brokered private placement aiming for a minimum of $450,000 in gross proceeds. This initiative involves issuing 5,000,000 premium flow-through common shares at $0.09 each. Key shareholder Michael Gentile, holding 19.9% of shares, will participate in the placement.

The funds raised will support exploration expenses that qualify under Canadian tax regulations. Spending will focus on the Humber Project in Western Newfoundland and the Rocky Brook Project in Northern New Brunswick. The private placement is awaiting approval from the TSX Venture Exchange.

Finders' fees may be paid in cash or securities related to the placement, and all issued securities will be subject to a hold period of four months plus one day.