Virginia Mines Inc. (TSX: VGQ), a current shareholder of TerraX, purchased 555,556 units of this private placement for net proceeds to TerraX of $250,000. In addition, over a third of this private placement was subscribed for by investors and business persons active in the Yellowknife community, providing us with tangible evidence of the local support for TerraX's exploration at its Northbelt gold project, located immediately north of Yellowknife.
The net proceeds of this private placement will be used to finance drilling planned for early 2014 at Northbelt, 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
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This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.