TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TXO) announces that, due to additional demand, it has increased its previously announced non-brokered private placement by up to 744,444 units at $0.45 per unit for additional gross proceeds of up to $335,000, bringing the total amount raised up to $1,100,000. 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 $0.50 per share for a period of two years from the date of closing. A first tranche of the private placement is scheduled to close on December 20, 2013.
The proceeds of this private placement will be used to finance drilling planned for early 2014 on TerraX’s wholly-owned Northbelt gold property, immediately north of Yellowknife in the Northwest Territories.
The Northbelt gold property 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