Terrax Minerals concludes C$1.38 million private placement of units

Non-brokered offering finances exploration on the Northbelt Property

By Devika Patel

Knoxville, Tenn., June 3 - Terrax Minerals Inc. said it raised C$25,000 in the second and final tranche of a C$1.38 million non-brokered private placement of units. The deal priced for C$2 million on April 4 and took in C$1.36 million on May 8.

The company sold 6,911,085 units of one common share and a half-share warrant at C$0.20 per unit. Each whole warrant is exercisable at C$0.30 until May 8, 2016 for the first-tranche units and May 30, 2016 for the second-tranche units. The strike price is a 57.9% premium to the April 3 closing share price of C$0.19. Terrax sold 6,786,085 units in the initial tranche and 125,000 units in the second tranche.

Virginia Mines Inc. bought C$723,417 of units in the first tranche.

Proceeds will be used for exploration on the Northbelt Property.

Terrax is a Vancouver, B.C., gold and diamond explorer.

Issuer:	Terrax Minerals Inc.
Issue:	Units of one common share and a half-share warrant
Amount:	C$1,382,217
Units:	6,911,085
Price:	C$0.20
Warrants:	One half-share warrant per unit
Warrant expiration:	May 8, 2016, May 30, 2016
Warrant strike price:	C$0.30
Agent:	Non-brokered
Investor:	Virginia Mines Inc. (for C$723,417)
Pricing date:	April 4
Settlement dates:	May 8 (for C$1,357,217), June 3 (for C$25,000)
Stock symbol:	TSX Venture: TXR
Stock price:	C$0.19 at close April 3
Market capitalization:	C$7.15 million

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