Canterra raising $5.0 million for Newfoundland gold-copper exploration
Canterra Minerals Corp. [CTM-TSXV, CTMCF-OTCQB, DXZB-FSE, A2P9X3-WKN] said Thursday it is aiming to raise $5.0 million from a non-brokered flow-through private placement consisting of Critical Minerals flow-through shares and National flow-through shares.
The company said it intends to use the net proceeds for the exploration of its projects in central Newfoundland, including its Wilding Gold and Buchans projects.
Canterra said up to 10 million Critical Minerals flow-through (CMFT) shares will be offered at 25 cents per share for gross proceeds of up to $2.5 million. Easth flow-through shares will consist of one common share issued as a flow-through share within the meaning of the Income Tax Act (Canada).
Up to 10.8 million National flow-through shares will be offered at 23 cents per share for gross proceeds of $2.5 million. Each flow-through share will consist of a common share issued as a flow-through share within the meaning of the Income Tax Act (Canada). Closing is expected to occur on December 23, 2025.
On Thursday, Canterra shares were unchanged at 20 cents. The shares trade in a 52-week range of 24 cents and $0.055.
Canterra is a diversified minerals exploration company with a focus on critical minerals and gold in central Newfoundland. The company’s projects include six mineral deposits located in close proximity to the past-producing Buchans mine and Teck Resources Ltd.’s (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) Duck Pond mine, which collectively produced copper, zinc, lead, silver and gold.
Canterra’s gold projects are located on trend with Equinox Gold Corp.’s [EQX-TSX, EQX-NYSE] Valentine mine, which recently achieved commercial production and cover an approximately 60-kilometre extension of the same structural corridor that hosts mineralization within Equinox’s mine project. Past drilling by Canterra and others within company’s gold projects intersected multiple occurrences or orogenic-style gold mineralization within a a large land position that remains underexplored.
Canterra recently said drilling of new high-grade gold targets has commenced at the company’s Wilding gold project. It said a new geological understanding developed from both the company’s 2025 program and public releases from the directly adjacent Valentine Mine has resulted in new high confidence drill targets. These targets demonstrate strong potential for high-grade gold hosted in quartz vein systems along the 55-kilometre gold-bearing corridor that also hosts the deposits at the Valentine mine. Meanwhile, Canterra said it has intersected 7.73% copper equivalent over 4.45 metres at the Buchans project, which is located on the site of the past-producing Buchans Mine, approximately 50 kilometres north of the Valentine mine and 34 kilometres northwest of Teck’s past producing Duck Pond mine.
The company has been using VRIFY Technology and its AI-assisted mineral discovery platform (“VRIFY AI “) to generate drill targets at the Buchans property, which hosts a NI 43-101-compliant indicated resource of 16.7 million tonnes, grading 1.5% zinc, 0.4% copper, 0.6% lead, 0.07 g/t gold and 5.7 g/t silver.