VANCOUVER, June 3 /CNW/ - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has completed the previously announced non-brokered private placement of 3,000,000 units at a price of $0.30 per unit. Due to demand, the placement was increased to 3,631,266 units at $0.30 per unit for gross proceeds of $1,089,380.
Each unit consists of one common share and one half-warrant, with each full warrant entitling the holder to purchase an additional share at an exercise price of $0.40 per share until June 2, 2012. The shares and any shares acquired on the exercise of warrants will be subject to a hold period expiring on October 3, 2010. Finders fee in cash totaling $73,506 were paid with respect to this placement, along with 227,635 finders warrants exercisable at $0.40 until June 2, 2012.
The net proceeds of this private placement will enable the Company to accelerate exploration activity at its three gold exploration properties in northwest Ontario, where drilling is currently underway.
About TerraX Minerals
TerraX Minerals Inc. is actively exploring three wholly-owned gold exploration projects in northwest Ontario, the Sunbeam-Pettigrew, Blackfly and Central Canada properties, all of which are located within 20 km of the town of Atikokan, 180 km west of Thunder Bay, and are within 19 km of Brett Resources' (TSX-V: BBR) Hammond Reef deposit.
On behalf of the Board of Directors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE TerraX Minerals Inc.
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