Mr. David Suda reports
TERRAX ARRANGES $1.5 MILLION FINANCING
Terrax Minerals Inc. has agreed to a non-brokered private placement of 3.75 million units of the company at a price of 40 cents 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 60 cents.
The net proceeds of this financing are to be used to finance the company's general and administrative expenses as well as to complete targeting for the drill program planned for early 2019. Certain directors and officers of Terrax Minerals will be participating in this private placement. The closing is anticipated to occur on or before Nov. 16, 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.
We seek Safe Harbor.
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