Yellowknife, Northwest Territories - TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TXO) has now closed its recently announced non-brokered private placement of 7,927,786 units at $0.35 with the issuance of a further 1,043,286 units at $0.35 per unit for gross proceeds of $365,150. With the completion of this final closing, the aggregate gross proceeds raised in this private placement now total $2,774,725.
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 $0.50 per share until October 16, 2017. The shares, warrants and any shares acquired on the exercise of warrants will be subject to a hold period expiring on February 17, 2015. Cash finder's fees will be payable with respect to a portion of this placement along with the issuance, to certain finders, of 21,630 finders warrants exercisable at $0.50 until October 16, 2017.
Virginia Mines Inc. (TSX: VGQ), a current shareholder of TerraX, exercised its right to maintain its equity interest and participated in this third closing by purchasing 714,286 units for net proceeds to the Company of $250,000.
The proceeds of this private placement will be used to finance drilling this winter on TerraX's Yellowknife City Gold Project, immediately north of Yellowknife in the Northwest Territories. Drilling will follow up on the successful drill programs in 2014 on the Barney Zone (22.42 m @ 6.35 g/t Au) and the Crestaurum deposit (2.85 m @ 33.60 g/t Au). As well drilling will test several new high grade targets that consist of oblique or high angle veins near the main Crestaurum deposit and the nearby Barney structure. Surface sampling in 2014 returned grab samples as high as 549, 712 and 878 g/t Au from these new veins. Collectively, the shears and veins could be indicative of gold bearing vein sets common to large mineralized systems.
About the Yellowknife City Gold Project
The Yellowknife City Gold Project encompasses 93.5 sq km of contiguous land immediately north of the City of Yellowknife in the Northwest Territories and includes TerraX's wholly-owned Northbelt property acquired in February 2013.
The project lies on the prolific Yellowknife greenstone belt and covers 15 km of strike length on the northern extension of the shear system that hosts 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 historic high grade drill results. Since January 2013, TerraX has consolidated the project area by acquiring and optioning numerous properties, including: Northbelt, Goodwin, Ryan Lake, Walsh Lake, and U-Breccia, as well as staking additional contiguous lands. Being all-season road accessible and within 15 km of the City of Yellowknife, the YCPG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled trades people.
For more information on the Yellowknife City Gold 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
[email protected]
Phone: 514-341-0408 Toll Free: 1-866-460-0408
or
Contact: Vanguard Shareholder Solutions
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Phone: 604-608-0824 Toll Free: 1-866-801-0779
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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.