Non-brokered offering finances exploration drilling at gold projects
By Devika Patel
Knoxville, Tenn., Dec. 7 - Terrax Minerals Inc. said it increased a non-brokered private placement of units. The deal priced for C$810,000 on Nov. 19 and will now raise C$1.42 million.
The company will now sell 4,727,565 units of one flow-through common share and one half-share warrant at C$0.30 per unit. Each full warrant is exercisable at C$0.40 for two years. The strike price is a 60% premium to the Nov. 18 closing share price of C$0.25.
Proceeds will be used to accelerate exploration drilling on the company's Blackfly, Sunbeam-Pettigrew and Central Canada gold exploration projects in Ontario as well as for exploration of the Stewart gold-copper property in Newfoundland.
Terrax is a Vancouver, B.C., gold and diamond explorer.
| Issuer: | Terrax Minerals Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1,418,270
|
| Units: | 4,727,565
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 19
|
| Upsized: | Dec. 7
|
| Stock symbol: | TSX Venture: TXR
|
| Stock price: | C$0.25 at close Nov. 19
|
| Market capitalization: | C$4.45 million
|
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