By Sheri Kasprzak
New York, Sept. 16 - Terax Energy Inc. said it has closed its unit offering, raising another $1.69 million to bring the full proceeds from the deal to $14.77 million.
The company sold 169,000 units at $10.00 each to six investors.
The units include eight shares and four warrants. Each warrant is exercisable at $1.75 each through March 10, 2007.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above $2.25 for more than 20 consecutive trading days.
On Sept. 12, the company raised $7.38 million from the sale of 738,000 units, and on Aug. 9, the company raised $5.7 million from the sale of 570,000 units under the same terms.
The company planned to raise up to $10 million from the deal, which was originally announced June 2.
The proceeds will be used for drilling operations on the Barnett Shale project and for the acquisition of additional leasehold interests.
Based in Austin, Texas, Terax is a natural gas exploration, development and production company.
| Issuer: | Terax Energy Inc.
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| Issue: | Units of eight shares and four warrants
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| Amount: | $1.69 million
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| Units: | 169,000
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| Price: | $10.00
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| Warrants: | Four warrants per unit
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| Warrant expiration: | March 10, 2007
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| Warrant strike price: | $1.75
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| Settlement date: | Sept. 10
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| Stock price: | $2.18 at close Sept. 10
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