TerasResources Inc. said July 22 that it has raised C$1.1 million in anupsized, nonbrokered private placement of units, subject to final approval fromthe TSX Venture Exchange.

The offering comprised 9,454,332 units at 12 cents apiece.Each unit consists of 1 common share and 1 common share purchase warrant,exercisable at 24 cents each for two years. The company hadinitially aimed to raiseC$800,000 via the issuance of 6,666,666 units, as outlined earlier this month.

Teras will use the majority of the proceeds to maintain andadvance its Cahuillagold-silver project in California, as well as for general working capital.