Terrain Minerals Limited (ASX: TMX) (Terrain or the Company) advises the following amendment in relation to the pricing of its non-renounceable pro rata rights issue to shareholders announced on 13 September 2023.

Due to ASX restrictions around pricing, the Company has amended the pricing of its non-renounceable pro rata rights issue in accordance with ASX Listing Rule 7.11.2 therefore making the placement and rights issue the same price. The Company confirms that the revised terms of the Rights Issue Offer are that Eligible Shareholders are entitled to apply for one (1) share (New Shares) for every eight (8) shares held at an issue price of $0.005 each to raise up to $786,027, together with:

one free-attaching fully paid share for every nine (9) New Shares subscribed for and issued (Free Attaching Shares) and ? one free-attaching unlisted option for every two (2) New Shares subscribed for and issued, split between 50% of the unlisted options exercisable at $0.009 and expiring 20 January 2024 and 50% of the unlisted options exercisable at $0.015 and expiring 20 May 2024 (New Options), (collectively the Rights Issue Offer).

Pursuant to the Rights Issue Offer, the Company will issue up to approximately 157,205,470 New Shares, 17,467,274 Free Attaching Shares and 78,602,734 New Options. The Company has made the above amendments to align in effect the pricing of the Rights Issue Offer with the pricing of the Placement which remains the same as announced yesterday (being $0.0045 per share). This amendment is considered by the Board to be fair and equitable to existing shareholders of Terrain. The timetable for the Rights Issue Offer is included in Annexure A of this announcement and an updated Appendix 3B will be released

Contact:

Tel: +61 8 9381 5558

Information included in this release constitutes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'continue' and 'guidance' or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance, and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate environmental conditions including extreme weather conditions, staffing and litigation. Forward looking statements are based on the company and its management's assumptions made in good faith relating to the financial, market, regulatory and other relevant environments that exist and effect the company's business operations in the future. Readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements are only current and relevant for the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or advise of any change in events, conditions or circumstances on which such statement is based

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