Yellowknife, Northwest Territories - TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TXO) has completed an initial closing of 5,550,000 units at $0.35 per unit for gross proceeds of $1,942,500. 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 until September 30, 2017. The shares, warrants and any shares acquired on the exercise of warrants will be subject to a hold period expiring on January 31, 2015. Cash finder's fees will be payable with respect to a portion of this placement along with the issuance, to certain finders, of 28,000 finders warrants exercisable at $0.50 until September 30, 2017.
The proceeds of this private placement will be used to finance drilling this winter on TerraX's Yellowknife City Gold Project, immediately north of Yellowknife in the Northwest Territories.