Business
TerraX Announces Closing of Financing for $4.0 Million
Vancouver, British Columbia--(Newsfile Corp. - April 12, 2018) - TerraX Minerals Inc. (TSXV: T...
About this update from Gold Terra Resource Corp.
[{"type":"text","content":"TerraX Announces Closing of Financing for $4.0 MillionVancouver, British Columbia--(Newsfile Corp. - April 12, 2018) - TerraX Minerals Inc. (TSXV: TXR) (FSE: TX0) (OTC Pink: TRXXF) (\"TerraX\" or the \"Company\") is pleased to announce the successful closing of the bought deal financing announced on 23 March, 2018 and on April 3, 2018 (the \"Offering\"), which was led by PI Financial Corp. (the \"Underwriter\"), and that the overallotment option granted to the Underwriter was exercised in full. Pursuant to the Offering, the Company issued an aggregate of 4,312,500 units of the Company (\"Units\") at a price of C$0.40 per Unit and 4,107,143 flow-through units of the Company (\"FT Units\") at a price of $0.56 per FT Unit, for aggregate gross proceeds of $4,025,000. Each Unit is comprised of one common share and one half of one transferable non-flow-through common share purchase warrant (each whole such common share purchase warrant, a \"Warrant\"). Each FT Unit is comprised of one flow-through common share and one half of one Warrant (issued on a non-flow-through basis). Each Warrant is exercisable into one additional non flow-through common share of the Company for a period of three years from closing, subject to an exercise acceleration trigger, at an exercise price of $0.60.In connection with the Offering, the Underwriter received a cash fee and 420,982 compensation warrants. Each compensation warrant is exercisable into one common share of the Company at a price of $0.40 per common share for a period of 24 months from closing.The net proceeds from the sale of the Units are anticipated to be used to fund drilling and exploration expenditures on the Company's Yellowknife City Gold Project and for working capital purposes. The gross proceeds from the sale of the FT Units will be used for general exploration expenditures on the Company's Yellowknife City Gold Project located in the Northwest Territories.The Units and FT Units are subject to a statutory hold period in Canada expiring four months and one day from the closing date of the Offering, being August 13, 2018. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Secur...