Mr. David Suda reports
TERRAX INCREASES FINANCING TO $2.3 MILLION
Terrax Minerals Inc., due to significant demand, has increased and closed its previously announced non-brokered private placement for $1.5-million to $2.3-million. The placement now consists of 5,887,500 units of the company at a price of 40 cents per unit.
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. All securities issued are subject to a statutory hold period in Canada expiring on March 17, 2019.
The net proceeds of this financing are to be used to finance the company's general and administrative expenses, and to complete targeting for the drill program planned for early 2019. Certain directors, officers and insiders of Terrax participated in this private placement. Finders' fees in cash were paid on a portion of this placement.
We seek Safe Harbor.
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