Vancouver, B.C. - TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF) has agreed to increase the previously announced non-brokered private placement of flow-through shares for $936,200, which closed on April 15, 2016, to accommodate additional subscriptions of 307,500 flow-through shares at $0.40 per share for additional gross proceeds of $123,000.
In addition, TerraX has agreed to a non-brokered private placement of 4,800,000 units at a price of $0.35 per unit for gross proceeds of $1,680,000. Each unit will be comprised 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 for a period of three years from the date of closing.
Closing of the first tranche of this placement is scheduled for May 9 2016, subject to acceptance for filing by the TSX Venture Exchange. All shares will be subject to a four-month hold period from the date of issuance. Finder's fees will be payable on a portion of this placement.
The proceeds of this placement will be used for general working capital and to finance additional drilling this summer on TerraX's wholly owned Yellowknife City gold project, immediately north of Yellowknife in the Northwest Territories.