TSX-V TZR.V last: 0.02 vol: 5000 OTCQX TCRRF last: 0.02 vol: 500

2011 news releases

Terrace Resources Inc.: Proposed Qualifying Transaction Receives Exchange Approval

VANCOUVER, BRITISH COLUMBIA—(June 1, 2011) - The directors of Terrace Resources Inc. (TSX VENTURE:TZR.P) ("Terrace" or the "Company") are pleased to announce that it has received the approval of the TSX Venture Exchange (the "Exchange") to proceed with the Company's previously announced proposed Qualifying Transaction and associated private placement. The Qualifying Transaction is expected to close on or before June 10, 2011, and the private placement will close shortly thereafter.

Qualifying Transaction
Detailed information regarding the Qualifying Transaction, including the farmout agreement, the reserves attributed to the well in which Terrace's operating subsidiary will have the right to earn an 87.5% working interest and 65.1875% net revenue interest, the financial resources and plans of Terrace upon completion of the Qualifying Transaction and other relevant information is contained in a Filing Statement which has been filed under the Company's profile on www.sedar.com.

Name Change
In connection with the Qualifying Transaction it is anticipated that the name of the Company will change to "Terrace Energy Corp.". The trading symbol will remain "TZR" and the suffix will change from ".P" to .V" following issuance of the final Exchange bulletin.

Forward Looking Information
This news release contains forward-looking information as that term is defined under Canadian securities legislation. Specifically, such statements include those regarding expected timing of closing of the Qualifying Transaction and private placement and effective time of the name change. These statements are based on the assumption that all conditions to closing of the said transactions are met or waived and all regulatory are met prior to the anticipated closing or effective times. As some conditions and approvals involve third parties there is no assurance that all conditions or approvals will be obtained by the expected closing dates. In such event closing of the transactions could be delayed.
APPROVED BY THE BOARD OF DIRECTORS
Bill McCartney, Director
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contact Information

  • Terrace Resources Inc.
    Murray Oliver
    Director
    604-687-0888
    mjo@pemcorp.com