TerraX closes first tranche of non-brokered private placement for $4,261,938

29 July 2016

Vancouver, B.C. – TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF) has closed the first tranche of a non-brokered private placement of 17,500,000 flow-through shares at $0.40 per share announced July 4, 2016 with the issuance of 10,654,846 shares at $0.40 per share for gross proceeds of $4,261,938.40.  The shares are subject to a hold period expiring on November 30, 2016.  Finder’s fees in cash and shares, along with finder’s warrants exercisable at $0.42 for a two year period, will be paid with respect to a portion of this placement on closing of the final tranche scheduled for mid-August 2016.

The proceeds of this placement will be used to fund a 27,000 meter drill program on TerraX's wholly owned Yellowknife City gold project, where drilling is currently underway at the Mispickel discovery, where TerraX intercepted 8.00 m @ 60.60 g/t Au during its winter drill program earlier this year (see our news release of June 6, 2016