VANCOUVER, Dec. 13 /CNW/ - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has completed the previously announced non-brokered private placement of 2,700,000 flow-through units at a price of $0.30 per unit. Due to demand, the placement was increased to 4,722,865 flow-through units at a price of $0.30 per unit for gross proceeds of $1,416,889.
Each unit consists of one flow-through common share and one half of one non-flow-through warrant, with each full warrant entitling the holder to purchase an additional non-flow-through common share at an exercise price of $0.40 per share until December 9, 2012. The shares and any shares acquired on the exercise of warrants will be subject to a hold period expiring on April 10, 2011. Finders fee in cash totaling $77,214 were paid with respect to a portion of this placement.
The net proceeds from this private placement will be used to accelerate exploration drilling currently underway on the Company's Blackfly, Sunbeam-Pettigrew and Central Canada gold exploration projects near Atikokan in northwestern Ontario as well as exploration of the Stewart gold-copper property in Newfoundland in early 2011.
About TerraX Minerals
TerraX Minerals Inc. is one of the major landholders of prospective ground in the burgeoning Marmion Batholith gold district near Atikokan, Ontario, host to Osisko Mining Corporation's (TSX:OSK) Hammond Reef gold deposit which contains a National Instrument 43-101-compliant inferred resource of 259.4 million tonnes at 0.8 grams per tonne Au (approximately 6.7 million ounces of gold). The Brett Resources Technical Report on this deposit is available on SEDAR. TerraX is actively exploring three wholly-owned gold exploration projects, 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 the Hammond Reef gold deposit. TerraX recently optioned the ~43 sq km Stewart gold-copper property in the Burin Peninsula of Newfoundland, which is part of the Avalon terrane, a geologic structure which can be traced from eastern Newfoundland through Nova Scotia and New Brunswick into New England, the Carolinas and northern Georgia. The Avalon terrane hosts several epithermal/porphyry gold-copper deposits.
On behalf of the Board of Directors
Joseph Campbell, P.Geo
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.
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