Business
TerraX Arranges $1.5 Million Financing
Vancouver, British Columbia--(Newsfile Corp. - November 1, 2018) - TerraX Minerals Inc. ( TS...
About this update from Gold Terra Resource Corp.
[{"type":"text","content":"TerraX Arranges $1.5 Million FinancingVancouver, British Columbia--(Newsfile Corp. - November 1, 2018) - TerraX Minerals Inc. (TSXV: TXR) (FSE: TX0) (OTC Pink: TRXXF) is pleased to announce that the Company has agreed to a non-brokered private placement of 3,750,000 units of the Company (\"Units\") 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 (a \"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. 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. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.About the Yellowknife City Gold ProjectThe Yellowknife City Gold (\"YCG\") project encompasses 780 sq km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX controls one of the six major high-grade gold camps in Canada. Being within 10 km of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople. The YCG lies on the prolific Yellowknife greenstone belt, covering 70 km of strike length along the main mineralized break in the Yellowknife gold...