said May 2 that ithas agreed to increase its previously announced nonbrokered private placement offlow-through shares to accommodate additional subscriptions for 307,500 flow-throughshares at 40 Canadian cents apiece, raising the proceeds to about C$1.1 million.
The companyrecently closed the financing and initially raised C$936,200 through the issuanceof 2,340,500 flow-through shares at 40 cents each.
Furthermore,TerraX agreed to a nonbrokered private placement of 4.8 million units at 35 centsapiece for total proceeds of up to about C$1.7 million.
Each unit willconsist of 1 common share and 0.5 of a share purchase warrant, with each warrantentitling the holder to purchase an additional common TerraX share at 50 cents fora three-year period from the date of closing.
The first trancheof the new financing is expected to close May 9, subject to approval of the TSXVenture Exchange.
TerraX plansto use the proceeds from both offerings to finance additional drilling this summerat its Yellowknife Citygold project in Canada's Northwest Territories and for general working capital.