TerraX Minerals (TXR-V) July 4, '16 has agreed to a non-brokered private placement of 17,500,000 flow-through shares at $0.40 per share for gross proceeds of $7,000,000, subject to acceptance for filing by the TSX Venture Exchange. There will be no warrants issued to the placees in conjunction with this placement.
Closing of this private placement is subject to acceptance for filing by the TSX Venture Exchange. All shares issued 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 to fund an aggressive drill program this winter on TerraX's wholly owned Yellowknife City gold project, where field exploration is currently underway to identify new high grade gold zones such as the Mispickel discovery, where TerraX drilled 8.00 m @ 60.60 g/t Au (see our news release of June 6, 2016) and drilling is scheduled to resume later this month.
About the Yellowknife City Gold Project
The Yellowknife City Gold ("YCG") encompasses 118 sq km of contiguous land immediately north and south of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX now controls one of the six major high-grade gold camps in Canada. Being within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering 23 km of strike length on the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high grade drill results that serve to indicate the project's potential as a world-class gold district.
For more information on the YCG project, please visit our web site at www.terraxminerals.com.
On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joseph Campbell
President
Contact: Paradox Public Relations
info@paradox-pr.ca
Phone: 514-341-0408
Toll Free: 1-866-460-0408
TerraX Minerals Inc.
2300-1066 West Hastings Street
Vancouver, BC
Canada V6E 3X2
Tel: 604-689-1749 |
