TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TXO) has closed its previously announced non-brokered private placement of 1,500,000 units at $0.45 per unit, with two placees, for gross proceeds of $675,000. 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 $0.51 per share until February 12, 2016. The shares and any shares acquired on the exercise of warrants will be subject to a hold period expiring on June 13, 2014. Finders' fees of $31,500 were paid with respect to this placement along with the issuance of 70,000 finders' warrants exercisable at $0.51 until February 12, 2016.
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