October 1, 2018 - 9:10 AM EDT
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CSE New Listing - Terra Nova Resources Commences Trading on the Canadian Securities Exchange - Video News Alert on Investmentpitch.com

Vancouver, British Columbia--(Newsfile Corp. - October 1, 2018) - Terra Nova Resources (CSE: TENO) is one of the latest new listing on the Canadian Securities Exchange, following its spin off from Claren Energy Corp. Terra Nova acquired Claren's 51.49% working interests in two onshore petroleum exploration licenses, PEL 112 and PEL 444, including a 1.47% gross overriding royalty interest in the PELs.

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The exploration licenses are located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia.

Each Claren shareholder received one share of Terra Nova for every ten Claren common shares held on the record date of August 13, 2018. The spin-out of the PELs allows Claren to focus on the financing and advancement of its flagship property, the Bobocu License, as well as the acquisition of other onshore oil and gas assets in Eastern Europe.

During the period from 2012 to 2016 Claren's focus was the exploration of the Australian PELs, which involved detailed 3D geophysical analysis as well as test drilling. Management considered that the work carried out to date on the PELs warranted further exploration and an independent company is better suited to finance the exploration of the PELs.

The company recently completed a non-brokered private placement raising gross proceeds of $590,000 from the placement of 11,800,000 units priced at $0.05 per unit, with each unit consisting of one share and one warrant with each warrant exercisable at $0.05 for 24 months. The proceeds will be used to satisfy the company's joint venture costs for work programs on PEL 112 and PEL 444.

For more information, please visit the Mark Lawson, CEO, at 647-256-1986 or email [email protected].

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Source: Newsfile Corp. (October 1, 2018 - 9:10 AM EDT)

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