TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TXO) TerraX has now closed its recently announced non-brokered private placement of 2,444,444 units at $0.45 per unit with the issuance of a further 211,112 units at $0.45 per unit, bringing the aggregate gross proceeds raised in this private placement to $1,112,815. Each unit will consist 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 December 27, 2015. The shares and any shares acquired on the exercise of warrants will be subject to a hold period expiring on April 28, 2014.
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.