13 May 2016
Vancouver, B.C. -- TerraX Minerals Inc. has closed the final tranche of a private placement of non-flow-through ("NFT") common shares announced May 2, 2016 with the issuance of a further 2,804,000 units @ $0.35 per unit for gross proceeds of $981,400, increasing the aggregate gross proceeds raised in this NFT placement from the $1,680,000 originally announced to $2,112,250. Each unit will be comprised 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 until May 13, 2019. In addition, Terrax has closed the previously announced private placement of flow-through shares with the issuance of a further 100,000 flow-through shares at $0.40 per share for gross proceeds of $40,000, bringing the total amount of flow-through funding raised after this final closing to $1,099,200. All shares, and any shares acquired on the exercise of warrants, will be subject to a hold period expiring on September 13, 2016. Finder's fees in cash were paid on a portion of this placement.