TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0) has agreed to a non-brokered private placement with two placees for 1,500,000 units at $0.45 per unit for gross proceeds of $675,000. 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 $0.51 per share for a period of two years from the date of closing. Finders' fees will be payable on a portion of this placement. Closing is scheduled for early next week, subject to acceptance for filing by the TSX Venture Exchange.
The net proceeds of this private placement will be used to finance additional drilling planned for Terrax's wholly-owned Northbelt property, 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