TerraX Announces Closing of Over-Allotment Option in Full

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VANCOUVER, BC / ACCESSWIRE / January 17, 2020 / TerraX Minerals Inc. (TSX-V:TXR; Frankfurt:TX0; OTC Pink:TRXXF) (“TerraX” or the “Company”) is pleased to announce that, further to the announcement on January 10, 2020 that BMO Capital Markets (the “Underwriter”) had exercised in full its over-allotment option (the “Over-Allotment Option”) in connection with the Company’s recently completed bought deal offering of C$5 million which closed on December 27, 2019 (the “Offering”), the Underwriter has purchased an additional 2,000,000 common shares in the capital of the Company (the “Common Shares”) at a price of C$0.25 per Common Share for additional gross proceeds of C$500,000, bringing the total gross proceeds raised pursuant to the Offering to C$5,500,000. The Underwriter received a cash commission equal to 6% of the gross proceeds from the issue and sale of the Common Shares pursuant to the Over-Allotment Option (other than from the issue and sale of the Common Shares to certain purchasers on a president’s list, for which a 2% cash commission was paid).

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The net proceeds of the Offering, including those raised from the Over-Allotment Option, will be used to advance exploration at the Company’s wholly-owned Yellowknife City Gold project, for working capital, and for general corporate purposes.

On behalf of the Board of Directors,

“DAVID SUDA”

David Suda
President and CEO

For more information, please contact:

Samuel Vella
Manager of Corporate Communications
Phone: 604-689-1749 / Toll-Free: 1-855-737-2684
svella@terraxminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Forward-looking statements in this news release include, but are not limited to, statements regarding the use of proceeds from the Offering. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

SOURCE: TerraX Minerals Inc.

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