By Shane Lasley
TerraX raises C$2.1M for summer drilling
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Last updated 5/22/2016 at Noon
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.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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