Yellowknife, Northwest Territories - TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TXO) 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.