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TerraX Minerals ups offering to C$2.1M, raises C$3.2M in total

Vancouver, Canada-based TerraX Minerals Inc. closed the final tranche of aprivate placement of non-flow-through common shares, increasing the amountraised to C$2.1 million, according to a May 13 news release.

The company issued a further 2,804,000 units at 35 cents perunit for gross proceeds of C$981,400. The gross proceeds of the transactionincreased to more than C$2.1 million from originally announced approximately C$1.7 million.

Each unit will consist of 1 common share and 0.5 of a sharepurchase warrant, with each warrant entitling the holder to purchase anadditional common TerraX share at 50 cents until May 13, 2019.

In addition, the company closed private placement of afurther 100,000 flow-through shares at 40 cents each, for C$40,000. Theoffering of flow-through shares totaled approximately C$1.1 million.

The company has raised a total of about C$3.2 million inboth flow-through and non-flow-through funding, including the in April and May.

The company plans to use the proceeds from both offeringsfor general working capital and to finance additional drilling this summer atits YellowknifeCity gold project in Canada's Northwest Territories.