TerraX Minerals has reached an additional deal with PI Financial Corp.
The deal will see PI Financial buy 3,750,000 units of TerraX for $3 500 000, which is an increase of $500 000 from the previously announced deal. The units are being sold at $0.40 per and will also see 3,571,429 flow-through units of TerraX be sold at $0.56 per FT Unit.
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The deal is expected to be used to help fund drilling and exploration expenditures at TerraXs Yellowknife City Gold Project, as well as working capital purposes.
TerraX recently expanded it’s Yellowknife City Gold Project coverage with a deal for an additional 337.5 square km of land. With that deal, TerraX CEO Joe Campbell stated, “the consolidation of the most prospective 70 kilometers of gold bearing strike length on this belt reinforces TerraX’s dominant control of this major gold district.”
Campbell would add, “TerraX will continue to comprehensively explore this entire land package in the coming campaigns.”
TerraX has also included an over-allotment option in the agreement. This means PI Financial has the option to purchase an additional 562,500 Units and 535,714 FT Units before the deal is closed. This would boost the agreement up to $4 000 000 for TerraX.
The agreement is expected to close on April 12th.