February 07, 2014 16:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 7, 2014) - TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0) has agreed to a non-brokered private placement with two placees for 1,500,000 units at $0.45 per unit for gross proceeds of $675,000. 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 $0.51 per share for a period of two years from the date of closing. Finders' fees will be payable on a portion of this placement. Closing is scheduled for early next week, subject to acceptance for filing by the TSX Venture Exchange.
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 km north of the city of Yellowknife, and covers 13 km of strike on the northern extension of the geology that contained the Giant (7.6 Moz) and Con (5.5 Moz) 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.
On behalf of the Board of Directors
Joseph Campbell, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
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