Mr. Joseph Campbell reports

TERRAX ANNOUNCES UPSIZE OF PREVIOUSLY ANNOUNCED BOUGHT DEAL FINANCING

Terrax Minerals Inc. has entered into an amended agreement with PI Financial Corp. to increase the size of the previously announced bought deal offering to raise aggregate gross proceeds of approximately $3.5-million.

Under the terms of the upsized offering, the underwriter has agreed to purchase 3.75 million units of the company at a price of 40 cents per unit and 3,571,429 flow-through units of the company at a price of 56 cents per flow-through unit.

Each unit shall consist of one common share and one-half of one transferable non-flow-through common share purchase warrant. Each flow-through unit shall consist of one flow-through common share and one-half of one warrant (to be issued on a non-flow-through basis). Each warrant shall be 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 60 cents.

In addition, the company has granted the underwriters an overallotment option, exercisable in whole or in part at any time up to two days prior to closing of the upsized offering, to purchase up to an additional 562,500 units and 535,714 flow-through units on the same terms as the upsized offering. If the over-allotment option is exercised in full, the aggregate gross proceeds of the upsized offering will be $4-million.

The net proceeds of the upsized offering are anticipated to be used to finance drilling and exploration expenditures at the company's Yellowknife City gold project and for working capital purposes. The closing of the upsized offering is anticipated to occur on or around April 12, 2018, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.

The units and flow-through units will be offered by way of a private placement pursuant to exemptions from the prospectus requirements to residents of the provinces of British Columbia, Alberta, Ontario and such other Canadian jurisdictions as may be agreed to by the company and PI Financial. All securities issued under the upsized offering will be subject to a statutory hold period in Canada expiring four months and one day from the closing date.

About the Yellowknife City gold project

The Yellowknife City gold project encompasses 772 square kilometres 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 kilometres of the city of Yellowknife, the Yellowknife City gold project is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled tradespeople.

We seek Safe Harbor.