HOME PAGE SUBSCRIPTIONS, Print Editions, News Bulletin PRODUCTS READ MINING NEWS ARCHIVE ADVERTISING EVENT READ THE PETROLEUM NEWS, EXTENSIVE ARCHIVES!

Providing coverage of Alaska and Northwest Canada's mineral industry
May 2016

Vol 21, No. 21 Week of May 22, 2016

Mining News: Northern Neighbors: TerraX raises C$2.1M for summer drilling

TerraX Minerals Inc. May 16 reported the closing of the final tranche of a private placement with the issuance of a further 2,804,000 units at C35 cents per unit for gross proceeds of C$981,400, increasing the aggregate gross proceeds raised in two tranches to C$2,112,250. Each unit will be comprised of one common share and one-half of one share purchase warrant, with each full warrant entitling the holder to purchase an additional common share at C50 cents per share until May 13, 2019. With completion of this last tranche of the non-brokered financing, along with a flow-through private placement completed on April 15, TerraX has raised a total of C$3,211,450, which will be used for general working capital and to finance summer drilling at the Yellowknife City gold project. TerraX completed a 7,310-meter winter drill program at Yellowknife City Gold on March 30. Logging and cutting of the drill core has now been completed, with assay results pending from the Barney and Hebert-Brent zones and five additional holes drilled just prior to the end of the program at the Mispickel discovery.

- Shane Lasley






Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.miningnewsnorth.com ---
S U B S C R I B E

Copyright Petroleum Newspapers of Alaska, LLC (North of 60 Mining News)(Petroleum News Bakken)(Petroleum News)(PNA)©2013 All rights reserved. The content of this article and web site may not be copied, replaced, distributed, published, displayed or transferred in any form or by any means except with the prior written permission of Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA). Copyright infringement is a violation of federal law subject to criminal and civil penalties.