TerraX Minerals Inc. (TSX-V:TXR) (FRANKFURT:TX0) announces that it has agreed to a non-brokered private placement of 6,000,000 units at $0.35 per unit for gross proceeds of $2,100,000. 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 for a period of three years from the date of closing. This private placement is scheduled to close prior to the end of September, subject to acceptance for filing by the TSX Venture Exchange.
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. Finders’ fees will be payable on a portion of this placement.
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.
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