Yellowknife, Northwest Territories - TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TXO) has completed a second closing of its recently announced non-brokered private placement of 6,000,000 units at $0.35 with the issuance of a further 1,334,500 units at $0.35 per unit, increasing the aggregate gross proceeds raised in this placement from the $2.1 Million originally announced to $2,409,575. 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 October 8, 2017. The shares, warrants and any shares acquired on the exercise of warrants will be subject to a hold period expiring on February 9, 2015. Cash finder's fees will be payable with respect to a portion of this placement along with the issuance, to certain finders, of 5,215 finders warrants exercisable at $0.50 until October 8, 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.