Business
TerraX Minerals Inc. Announces Closing of C$5 Million Financing
Not for Distribution to U.S. News Wire Services or Dissemination in the United States. V...
About this update from Gold Terra Resource Corp.
[{"type":"text","content":"TerraX Minerals Inc. Announces Closing of C$5 Million FinancingNot for Distribution to U.S. News Wire Services or Dissemination in the United States.VANCOUVER, BC / ACCESSWIRE / December 27, 2019 / TerraX Minerals Inc. (TSXV:TXR)(Frankfurt:TX0)(OTCPINK:TRXXF) (\"TerraX\" or the \"Company\") is pleased to announce that it has closed its previously announced bought deal financing (the \"Offering\") for aggregate gross proceeds of C$5 million.Pursuant to the Offering, a total of 20 million common shares of TerraX (\"Common Shares\") were sold at a price of C$0.25 per Common Share for gross proceeds of C$5 million. The Offering was made through BMO Capital Markets (the \"Underwriter\"). The Underwriter received a cash commission equal to 6% of the gross proceeds of the Offering (other than from the issue and sale of the Common Shares to certain purchasers on a president's list, for which a 2% cash commission was paid).The Company has granted the Underwriter an option (the \"Over-Allotment Option\"), exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 10% of the number of Common Shares sold under the Offering to cover over-allotments, if any. The Common Shares were sold by way of a short form prospectus in each of the provinces of Canada, excluding Quebec, and were also sold by way of private placement in the United States.The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.Concurrent with the completion of the Offering, the Company issued an aggregate of 320,000 Common Shares at a price of C$0.25 per Common Share for aggregate gross proceeds of C$80,000. These shares were issued on a non-brokered private placement basis and are subject to a statutory hold period in Canada expiring on April 28, 2020. No commission or other fees were paid in connection with the issuance of such shares.The net proceeds of the Offering and the shares issued on a private placement ba...