Newterra Resources Inc. Closes Initial Public Offering and Lists on the CSE

Vancouver, British Columbia--(Newsfile Corp. - December 15, 2023) - Newterra Resources Inc. (the "Company" or "Newterra") is pleased to announce that it has closed its initial public offering (the "Offering") of an aggregate of 4,294,000 common shares of the Company (the "Common Shares") at a price of $0.10 per Common Share (the "Offering Price") for aggregate gross proceeds of $429,400.

Pursuant to an agency agreement dated September 26, 2023, Echelon Wealth Partners Inc. (the "Agent") acted as agent on a commercially reasonable efforts basis in respect of the Offering and received a cash commission in the amount of $34,352, a corporate finance fee comprised of 150,000 Common Shares, and a cash advisory fee of $15,000 plus applicable taxes in consideration for its services. As well, the Company issued to the Agent an aggregate of 343,520 Common Share purchase warrants (the "Agent Warrants"). Each Agent's Warrant is exercisable until December 15, 2026, at an exercise price of $0.10 per Common Share. The Company also issued 100,000 Common Shares to the Agent's legal counsel as partial payment for legal expenses incurred in connection with the Offering.

Proceeds of the Offering will be applied to finance the Company's exploration work, for working capital purposes and for general and administrative costs.

As partial consideration for the Company's acquisition of the Iron Horse project located on the west side of the Okanagan Valley near Kelowna, British Columbia pursuant to a purchase and sale agreement entered into between the Company and Laurel Lynn Wong (the "Vendor") dated September 22, 2021, the Company issued the Vendor 250,000 Common Shares.

Newterra is also pleased to announce that it has received approval of its application to list its Common Shares on the Canadian Securities Exchange (the "Exchange"). The Company's Common Shares are expected to commence trading on the Exchange on or about December 18, 2023, under the trading symbol "NT".

Additional information on the Company and the Offering can be found in the Company's final prospectus dated September 26, 2023, as filed on SEDAR + at www.sedarplus.ca.

About Newterra Resources Inc.

Newterra Resources Inc. is a mineral resource exploration company with a concentration in precious metals. The Company's material property is the Iron Horse Project, comprised of nine mineral title claims covering 2439.5 hectares on the border of Osoyoos and Similkameen Mining Divisions, located on the west side of the Okanagan Valley near Kelowna, in the Province of British Columbia.

Contact Information

Newterra Resources Inc.
Darren Blaney, Chief Executive Officer and President
Email: dblaney@newterraresources.com
Telephone: 604-290-6152

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding timing of trading of the Common Shares on the Exchange are subject to all of the risks and uncertainties normally incident to such event, including the risk that the Common Shares will not list on the Exchange on the timing anticipated. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191210