Terra Clean Energy closes oversubscribed $2.43 million financing

Terra Clean Energy said on October 6, 2026 that it had closed an oversubscribed financing, raising about $2.43 million gross through a brokered private placement and a concurrent non-brokered sale of units.

The company said 17,342,257 units were sold at $0.14 apiece, for aggregate gross proceeds of approximately $2,427,916. Each unit includes one common share and one share purchase warrant.

The warrants carry an exercise price of $0.22 for three years from October 6, 2026. They can be accelerated if, on any 15 consecutive trading days starting from the closing date, the share’s daily volume weighted average trading price is above $0.44. If the company uses that right, the new expiry date would be the 30th day after notice.

Terra Clean Energy said the net proceeds will be used for capital expenditures and general working capital. It also said the lead agent received a cash commission of $194,233 and 1,387,380 broker warrants, each of which entitles the holder to acquire one unit at the issue price for three years from the date of issuance.

Insiders bought an aggregate of 700,000 units under the offerings. The company said that participation is a related party transaction under Multilateral Instrument 61-101, which it identified as Protection of Minority Security Holders in Special Transactions. It said a formal valuation was not required because the company is not listed on the stock exchanges specified in MI 61-101, and minority shareholder approval was not required because the fair market value of the consideration did not exceed 25% of the company’s capitalization as of the date of the release.

Terra Clean Energy described itself as a Canadian-based uranium exploration and development company developing the South Falcon East uranium project in Saskatchewan, past producing uranium mines in Utah and uranium exploration properties in Wyoming.