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Abstract
Pan Terra Industries Inc. ("Pan Terra" or the "Company") (TSX VENTURE:PNT) is pleased to announce that it has engaged Dundee Securities Ltd. ("Dundee" or the "Agent") to act as agent on a reasonable commercial efforts basis in connection with a private placement of up to 20,000,000 non-transferable subscription receipts (the "Subscription Receipts") at a price of $0.50 per Subscription Receipt (the "Offering Price"), for gross proceeds of up to $10,000,000 (the "Offering"). Each Subscription Receipt, upon exercise, will entitle the holder thereof to acquire one unit of the Company (each, a "Unit"), each Unit being comprised of one common share of the Company (a "Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for a period of 36 months from the closing date of the Offering (the "Closing Date") for one common share of the Company (a "Warrant Share") at an exercise price of $0.75 per Warrant Share. The Company has also granted to Dundee an agent's option exercisable in whole or in part, to offer for sale up to an additional 4,000,000 Subscription Receipts at the Offering Price.