05:31:49 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Terrax Minerals Inc
Symbol TXR
Shares Issued 108,243,592
Close 2018-04-12 C$ 0.44
Market Cap C$ 47,627,180
Recent Sedar Documents

Terrax Minerals closes $4.02-million bought deal

2018-04-12 15:35 ET - News Release

Mr. Joe Campbell reports

TERRAX ANNOUNCES CLOSING OF FINANCING FOR $4.0 MILLION

Terrax Minerals Inc. has closed its bought deal financing announced on March 23, 2018, and on April 3, 2018, which was led by PI Financial Corp. The overallotment option granted to the underwriter (PI Financial) was exercised in full.

Pursuant to the offering, the company issued an aggregate of 4,312,500 units of the company at a price of 40 cents per unit and 4,107,143 flow-through units of the company (FT units) at a price of 56 cents per FT unit, for aggregate gross proceeds of $4,025,000. Each unit comprises one common share and one-half of one transferable non-flow-through common share purchase warrant. Each FT unit comprises one flow-through common share and one-half of one warrant (issued on a non-flow-through basis). Each warrant is 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 connection with the offering, the underwriter received a cash fee and 420,982 compensation warrants. Each compensation warrant is exercisable into one common share of the company at a price of 40 cents per common share for a period of 24 months from closing.

The net proceeds from the sale of the units are anticipated to be used to finance drilling and exploration expenditures on the company's Yellowknife City gold project, located in the Northwest Territories, and for working capital purposes. The gross proceeds from the sale of the FT units will be used for general exploration expenditures on the company's Yellowknife City gold project.

The units and FT units are subject to a statutory hold period in Canada expiring four months and one day from the closing date of the offering, being Aug. 13, 2018.

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.

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