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TerraX to raise C$5M via bought deal financing for Yellowknife City exploration

TerraX Minerals Inc. said Dec. 11 that it intends to raise C$5 million through a bought deal financing to be used for advance exploration at the Yellowknife City gold project in the Northwest Territories, as well as for working capital and for general corporate purposes.

BMO Capital Markets will serve as the sole underwriter, agreeing to buy 20 million common shares of TerraX on a bought deal basis, at 25 Canadian cents apiece.

The underwriter has an option to purchase up to an additional 10% of the offering to cover overallotments, if any.

The offering is expected to close on or about Dec. 27.

In November, TerraX reported an initial inferred gold resource estimate of 735,000 ounces contained within 12.8 million tonnes grading 1.79 g/t gold for Yellowknife City.