TerraX Closes First Tranche of Private Placement for $1,017,815
20 Diciembre 2013 - 9:29AM
Marketwired
TerraX Closes First Tranche of Private Placement for $1,017,815
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 20, 2013) -
TerraX Minerals Inc. (TSX-VENTURE:TXR)(FRANKFURT:TXO) has completed
an initial closing of 2,261,812 units at $0.45 per unit for gross
proceeds of $1,017,815. 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 20, 2015. The
shares and any shares acquired on the exercise of warrants will be
subject to a hold period expiring on April 21, 2014. Finder's fees
of $25,773 were paid with respect to a portion of this placement
along with the issuance of 56,574 finders warrants exercisable at
$0.50 until December 20, 2015.
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
Joseph Campbell, President
Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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.
Paradox Public Relations514-341-0408 or Toll Free:
1-866-460-0408info@paradox-pr.caVanguard Shareholder
Solutions604-608-0824 or Toll Free:
1-866-801-0779ir@vanguardsolutions.ca
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