By Sheri Kasprzak
Atlanta, June 2 - Terax Energy Inc. said it plans to hit the private placement market with an offering for up to $10 million.
The company plans to sell up to 1 million units at $10.00 each.
The units include eight post-split shares and warrants for four shares. Each warrant allows for an additional share at $1.75 each for 18 months.
There is a floor of at least 500,000 units in the offering.
Based in Dallas, Terax is an oil and natural gas exploration company.
| Issuer: | Terax Energy Inc.
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| Issue: | Units of eight post-split shares and warrants for four shares
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| Amount: | $10 million (maximum)
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| Units: | 1 million (maximum)
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| Price: | $10.00
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| Warrants: | For four shares per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | $1.75
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| Announcement date: | June 1
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