TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TXO) announces a non-brokered private placement of up to 1,700,000 units at $0.45 per unit for gross proceeds of up to $765,000. 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 two years from the date of closing.
Virginia Mines Inc. (TSX: VGQ), a current shareholder of TerraX, has agreed to purchase 555,556 units of this private placement for proceeds to TerraX of $250,000. The proceeds of this private placement will be used to finance drilling planned for early 2014 on TerraX's wholly-owned Northbelt gold property, immediately north of Yellowknife in the Northwest Territories. Finders' fees may be payable on a portion of this placement, which is subject to acceptance for filing by the TSX Venture Exchange.
The Northbelt gold property 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
Contact: Paradox Public Relations