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Provider: Reuters Investment Profile
Provider: GlobalData
Provider: GlobalData
Provider: GlobalData

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TerraX Minerals Inc Announces Private Placement And Royalty Option Agreement With Virginia Mines Inc. On Northbelt Property, Yellowknife, NWT

Thursday, 4 Apr 2013 02:32pm EDT 

TerraX Minerals Inc announced that it has agreed to grant an option to Virginia Mines Inc. to purchase a 2% NSR on its Northbelt Property in Yellowknife, NWT, Canada. To purchase this Royalty Option Agreement Virginia will pay TerraX $200,000, payment made by the issuance of 20,000 common shares of Virginia at a deemed price of $10.00 per share. These shares will be subject to a 4-month regulatory hold period. The option will entitle Virginia to purchase a 2% net smelter return on production within the Northbelt property by payment of $2,000,000 within 3 months following commencement of production. In addition Virginia will purchase through a non-brokered private placement 4,000,000 common shares of TerraX at a price of $0.20 per share for gross proceeds of $800,000. The private placement will include ½ warrant per share and each warrant will entitle Virginia to one common share at an exercise price of $0.30 per share for a period of 36 months. Finally, TerraX will concurrently raise up to an additional $1,200,000, on terms substantially similar to the Virginia Units, through a non-brokered private placement to bring the total funding raised up to $2,000,000. The proceeds of these placements will be earmarked for exploration over the next year on the Northbelt Property. 

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0.015 +4.29%
30 Sep 2014