Mr. David Suda reports

TERRAX ANNOUNCES CLOSING OF FINANCING FOR $3.1 MILLION

Terrax Minerals Inc. has successfully closed the bought deal financing initially announced on June 6, 2019, and later on June 13, 2019, with respect to an upsize, which was led by PI Financial Corp. on behalf of a syndicate of underwriters which included Beacon Securities Ltd. and GMP Securities LP. Additionally, the option granted to the underwriters was partially exercised.

Pursuant to the offering, the company issued an aggregate of 1,782,500 common shares of the company at a price of 36 cents per share, 2.43 million flow-through (FT) common shares of the company at a price of 41 cents per FT share and three million charity FT common shares of the company at a price of 50 cents per charity FT share, for aggregate gross proceeds of $3,138,000.

In connection with the offering, the underwriters received a cash commission of $166,966.56 and 373,546 compensation warrants, with each compensation warrant being exercisable to acquire one common share of the company at a price of 36 cents until June 26, 2021.

The gross proceeds from the sale of the FT shares and charity FT shares will be used for exploration expenditures at the company's Yellowknife City gold project located in the Northwest Territories. The net proceeds from the sale of the shares will be used for working capital purposes.

All securities issued under the offering are subject to a statutory hold period in Canada expiring four months and one day from the closing date of the offering, being Oct. 27, 2019.

About the Yellowknife City gold project

The Yellowknife City gold project encompasses 783 square kilometres of contiguous land immediately north, south and east 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 Yellowknife, the project is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled tradespeople.

The Yellowknife City gold project lies on the prolific Yellowknife greenstone belt, covering 70 kilometres of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high-grade drill results that serve to indicate the project's potential as a world-class gold district.

We seek Safe Harbor.