Yellowknife, Northwest Territories - TerraX Minerals Inc. (TSX.V: TXR; OTC Pink: TRXXF; Frankfurt: TX0) has completed a second closing of its non-brokered private placement announced May 19, 2015 with the issuance of a further 1,058,100 flow-through units at $0.45 per unit and 125,000 flow-through common shares at $0.40 per share for aggregate gross proceeds for this tranche of $526,145. Each flow-through unit consists of one flow-through 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 $0.55 per share until June 18, 2018. The shares, warrants and any shares acquired on the exercise of warrants will be subject to a hold period expiring on October 19, 2015. Cash finder's fees will be payable with respect to a portion of this placement along with the issuance, to certain finders, of 46,986 finders warrants exercisable at $0.55 until June 18, 2018.
The proceeds of this private placement, along with the proceeds of a $2.5 Million flow-through private placement with Osisko Gold Royalties Ltd. (TSX: OR) completed on June 17, 2015, will be used to finance an extensive exploration program now underway on TerraX's wholly-owned Yellowknife City gold project ("YCG"), immediately north of Yellowknife in the Northwest Territories of Canada.