Terrax Minerals (TXR-V) Feb 12, '14 has closed its previously announced non-brokered private placement of 1.5 million units at 45 cents per unit with two placees for gross proceeds of $675,000. Each unit consists 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 51 cents until Feb. 12, 2016. The shares and any shares acquired on the exercise of warrants will be subject to a hold period expiring on June 13, 2014. Finders' fees of $31,500 were paid with respect to this placement, along with the issuance of 70,000 finder warrants exercisable at 51 cents until Feb. 12, 2016.
The net proceeds of this private placement will be used to finance additional drilling planned for Terrax's wholly owned Northbelt property, which encompasses 3,562 hectares on the prolific Yellowknife belt, 15 kilometres north of the city of Yellowknife, and covers 13 kilometres of strike on the northern extension of the geology that contained the Giant (7.6 million ounces) and Con (5.5 million ounces) 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. |
