TerraX Minerals Inc. (TSX-V:TXR) (OTC PINK:TRXXF) (FRANKFURT:TX0) has closed the previously announced non-brokered private placement of 5,000,000 flow-through shares at $0.40 per share for gross proceeds of $2,000,000 with CMP, a Canadian investment fund. The shares are subject to a hold period expiring on October 6, 2015. A cash finder’s fee was paid on this placement along with the issuance of 300,000 finders warrants exercisable at $0.55 per share until June 5, 2018.
About the Yellowknife City Gold Project
The Yellowknife City Gold Project encompasses approximately 94.9 sq km of contiguous land immediately north 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 – and the least explored.
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 high grade drill results this past year that serve to indicate the project’s potential as a world-class gold district. Since February 2013, TerraX has consolidated the project area by acquiring, optioning and staking 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 YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled trades people.
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