TerraX financing closes
SOMBA K'E/YELLOWKNIFE - TerraX Minerals Inc. (TSX.V:TXR) has now completed its recently announced non-brokered private placement. Total gross proceeds are $2,744,725, including the shareholder Virginia Mines Inc. (TSX:VGQ) purchase of additional units for $250,000 to maintain equity interest in the project.
The proceeds of this private placement will be used to finance drilling this winter on TerraX's Yellowknife City Gold Project, just north of the city. Drilling follows upon an extensive 2014 drill programs that included 22.42 m at 6.35 grams per tonne gold (g/t) and 2.85 m at 33.60 g/t gold on two separate zones. Several new targets have also been identified and will be drill tested.
This $2.74 million raise began when TerraX initially went out for a $2.1 million private placement on Sept. 24.
Small businesses get celebrated
SOMBA K'E/YELLOWKNIFE - The local voice for businesses and the GNWT marked Small Business Week in Canada, from Oct.19 to 26.
Beginning on Oct.20, the Yellowknife Chamber of Commerce hosted a lineup of free seminars for business operators, leading up to the Business Award Gala on Oct. 24. Seminars topics ranged from red tape reduction and staff retention, to getting web-savvy with online marketing. Working with the territorial and federal governments were also on the docket.
Sessions were also hosted by the Northwest Territories Business Development and Information Centre (BDIC), the Royal Bank of Canada and the Conseil de developpement economique des Territoires du Nord-Ouest – the organization promoting economic development and employment of francophones in the territories.
"Entrepreneurs and small businesses are integral to growing the territorial economy," said David Ramsay, minister of Industry, Tourism and Investment, also responsible for BDIC. "Earlier this year, the GNWT began implementing the NWT Economic Opportunities Strategy. This strategy supports our ongoing efforts to create business opportunities and grow an attractive entrepreneurial environment throughout the NWT."
- Elaine Anselmi
Dominion Diamond Corp. completes Ekati share acquisition
SOMBA K'E/YELLOWKNIFE - The majority shareholder of the Ekati Diamond Mine, Dominion Diamond Corporation, has upped its holdings having completed the acquisition of C. Fipke Holdings Ltd.'s 10 per cent share.
The $67 million sale by Charles Fipke, one of the prospectors to discover diamonds in the area, was first announced in July
Following the completed acquisition, announced Oct. 15, Dominion now owns 88.89 per cent interest in Ekati's Core Zone – the current operating mine and permitted pipes. It also owns 65.3 per cent of the Buffer Zone – an adjacent area of kimberlite pipes with both development and exploration potential.
- Elaine Anselmi