TerraX arranges $1.5 million financing
1 November 2018
TerraX Minerals Inc. is pleased to announce that the company has agreed to a non-brokered private placement of 3,750,000 units of the company at a price of $0.40 per unit to raise aggregate gross proceeds of $1.5 million. Each unit shall consist of one common share and one transferable common share purchase warrant. Each Warrant shall be exercisable into one additional common share of the company for a period of three years from closing at an exercise price of $0.60.
The net proceeds of this financing are to be used to fund the company’s general and administrative expenses and to complete targeting for the drill program planned for early 2019. Certain directors and officers of TerraX will be participating in this private placement. The closing is anticipated to occur on or before November 16th 2018, subject to acceptance for filing by the TSX Venture Exchange. All securities issued will be subject to a statutory hold period in Canada expiring four months and one day from the date of closing.