Terax Energy Closes $16 Million Private Placement

Terax Energy Inc. has completed a $16 million private placement of shares of common stock and share purchase warrants to clients of an institutional investment manager and four accredited investors. Terax plans to use the net proceeds of the private placement to continue its drilling and completion operations on its Barnett Shale acreage, to repay outstanding bridge loans and for general working capital purposes. J.P. Turner & Company, L.L.C. acted as placement agent for the private placement.

"These funds will enable Terax to complete a minimum of its first six wells, as well as the initial leg of its gathering system, and will position Terax to address its future capital requirements on a cost-effective basis," said Lawrence Finn, chief executive officer and chief financial officer. "We expect to complete the gathering system by the end of February and complete the Mitchell #1-H and #2-H wells shortly thereafter."

The securities sold in the private placement have not been registered under the Securities Act or state securities laws and may not be offered or sold in the United States without registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements.

This notice shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.


Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours