By Sheri Kasprzak
New York, Aug. 9 - Terax Energy, Inc. said it has closed a private placement for $5.7 million.
The company sold 570,000 units at $10.00 each to seven investors.
The units are comprised of eight shares and four warrants. Each warrant is exercisable at $1.75 each through Feb. 8, 2007.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above $2.25 per share for more than 20 consecutive trading days.
Based in Austin, Texas, Terax is an oil and natural gas exploration company.
| Issuer: | Terax Energy, Inc.
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| Issue: | Units of eight shares and four warrants
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| Amount: | $5.7 million
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| Units: | 570,000
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| Price: | $10.00
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| Warrants: | Four warrants per unit
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| Warrant expiration: | Feb. 8, 2007
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| Warrant strike price: | $1.75
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| Settlement date: | Aug. 8
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| Stock price: | $1.73 at close Aug. 8
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