TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has closed its previously announced non-brokered private placement of 3,710,000 units at $0.07 per unit for gross proceeds of $259,700. Each unit consists of one common share and one half of one share purchase warrant, with each full warrant entitling the holder to purchase an additional common share at an exercise price of $0.10 per share until January 21, 2015. The shares and any shares acquired on the exercise of warrants will be subject to a hold period expiring on May 22, 2012.
The net proceeds from this private placement will be used to fund the Company’s planned acquisition of the Northbelt gold claims in the Yellowknife area of the Northwest Territories, as announced on January 2, 2013, and for working capital.
On behalf of the Board of Directors
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This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities - that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.