Tanzanian Royalty Chairman Will Proceed With $375,000 7th Tranche of $3 Million Private Placement and Advance to the Company Ano
02 Janeiro 2009 - 5:32PM
Marketwired
Tanzanian Royalty Exploration Corp. (TSX: TNX) (AMEX: TRE)
Tanzanian Royalty Exploration Corporation announces that Mr.
Sinclair is proceeding with the 7th tranche of the private
placement announced on August 10, 2006 whereby Mr. Sinclair agreed
to purchase common shares of the Corporation representing an
aggregate value of $3,000,000. Such shares are to be purchased in 8
quarterly tranches of $375,000 each, commencing February 1, 2007.
The 7th tranche of the Placement will consist of 69,832 common
shares of the Corporation having a purchase price of $5.37 per
share for proceeds totaling $375,000. The purchase price reflects
the greater of the 5-day weighted average trading price on the
Toronto Stock Exchange of the Company's shares for the period ended
December 18, 2008 of $4.815 and the closing price on December 18,
2008 of $5.37.
Mr. Sinclair's investments and interest free advance of $375,000
reflects his continued confidence in and commitment to Tanzanian
Royalty's endeavors.
The placement common shares are subject to certain mandated hold
periods and the certificates representing such shares are legended
accordingly. No warrants, options or other rights have been issued
or granted in connection with the placement.
The private placement is subject to Regulatory approval.
Respectfully Submitted,
James E. Sinclair
Chairman and Chief Executive Officer
For further information, please contact Investor Relations
at 1-800-811-3855
Visit our website: www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and American Stock Exchange have not
reviewed and do not accept responsibility for the adequacy or
accuracy of this release.
Cautionary Note to U.S. Investors -- The United States
Securities and Exchange Commission limits disclosure for U.S.
reporting purposes to mineral deposits that a company can
economically and legally extract or produce. We use certain terms
on this news release, such as "reserves," "resources," "geologic
resources," "proven," "probable," "measured," "indicated," or
"inferred" which may not be consistent with the reserve definitions
established by the SEC. U.S. Investors are urged to consider
closely the disclosure in our Form 20-F, File No. 001-32500. You
can review and obtain copies of these filings from the SEC's
website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are based on numerous assumptions, and involve known and
unknown risks, uncertainties and other factors, including risks
inherent in mineral exploration and development, which may cause
the actual results, performance, or achievements of the Company to
be materially different from any projected future results,
performance, or achievements expressed or implied by such
forward-looking statements. Investors are referred to our
description of the risk factors affecting the Company, as contained
in our Form 20-F, File No. 001-32500, for a more information
concerning these risks, uncertainties, and other factors.
Distributed by Filing Services Canada and retransmitted by
Marketwire
For further information, please contact Investor Relations
1-800-811-3855 Visit our website:
www.TanzanianRoyaltyExploration.com
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