TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TXO) TerraX has now closed its recently announced non-brokered private placement of 2,444,444 units at $0.45 per unit with the issuance of a further 211,112 units at $0.45 per unit, bringing the aggregate gross proceeds raised in this private placement to $1,112,815. Each unit will consist 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 $0.50 per share until December 27, 2015. The shares and any shares acquired on the exercise of warrants will be subject to a hold period expiring on April 28, 2014.
The net proceeds of this private placement will be used to finance drilling planned for early 2014 at Northbelt, which encompasses 3,562 hectares on the prolific Yellowknife belt, 15 km north of the city of Yellowknife, and covers 13 km of strike on the northern extension of the geology that contained the Giant (7.6 Moz) and Con (5.5 Moz) gold mines. The Northbelt property is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife camp and it contains innumerable gold showings.
On behalf of the Board of Directors
Contact: Paradox Public Relations