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| Home : TerraX Announces Private Placement of $2.5 Million and Sale of Option on 1.0% NSR for $1 Million to Osisko; drills 14.09 m @ 2.96 g/t Au at Northbelt |
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May 14
2015 |
TerraX Announces Private Placement of $2.5 Million and Sale of Option on 1.0% NSR for $1 Million to Osisko; drills 14.09 m @ 2.96 g/t Au at Northbelt |
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YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - May 13, 2015) - TerraX Minerals Inc. (TSX VENTURE:TXR)(OTC PINK:TRXXF)(FRANKFURT:TX0) has agreed to grant an option to Osisko Exploration James Bay Inc. (formerly Virginia Mines Inc.) ("Osisko Exploration"), a wholly-owned subsidiary of Osisko Gold Royalties Ltd. ("Osisko") (TSX:OR) to purchase an additional 1.0% net smelter return royalty ("NSR") on its wholly-owned Yellowknife City Gold Project ("YCG") in the Northwest Territories. To purchase this option, Osisko Exploration will pay TerraX $1 Million in cash. The option entitles Osisko Exploration to purchase a 1.0% NSR on production from the properties that comprise the YCG by payment of an additional $2 Million within 3 months following commencement of production. This 1.0% NSR is in addition to the existing Osisko Exploration option to acquire a 2% NSR on YCG (subject to underlying royalties to certain property vendors, and payment of $2 Million within 3 months of the start of production from those properties). Osisko Exploration owns 9.24% of the common shares of TerraX. |
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| Source:http://www.marketwired.com/mw/release.do?id=2019574&sourceType=3 |
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