Tanzanian Royalty Chairman Agrees to Reprice Second Tranche of $3 Million Private Placement
14 Agosto 2007 - 5:07PM
PR Newswire (US)
TSX: TNX AMEX: TRE VANCOUVER, Aug. 14 /PRNewswire-FirstCall/ --
Tanzanian Royalty Exploration Corporation advises that Mr. James E.
Sinclair has agreed to reprice the second tranche of the private
placement. As announced on August 10, 2006, 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. Since July
31, 2007, the end of the second quarterly tranche period, Tanzanian
Royalty's share price has increased meaningfully. The original 2nd
tranche purchase price of $5.267 reflects the weighted average
trading price of the Corporation's shares for the five consecutive
trading days for the quarterly period ended July 31, 2007.
Tanzanian Royalty and Mr. Sinclair have agreed to reprice the
second tranche to reflect the current share price. The second
tranche will consist of 63,345 common shares of the Corporation
having a purchase price of $5.92 per share for proceeds totaling
$375,000. The revised purchase price reflects the closing price of
the Corporation's shares on August 13, 2007. The second tranche
private placement has now closed. The private placement common
shares are subject to certain mandated hold periods and resale
restrictions and the certificates representing such shares are
legended accordingly. No warrants, options or other rights have
been issued or granted in connection with this placement. Each
tranche is subject to regulatory approval. Respectfully Submitted,
"James Sinclair" James E. Sinclair Chairman and Chief Executive
Officer 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 permits U.S.
mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally
extract or produce. We use certain terms on this news release, such
as "measured", "indicated", and "inferred" "resources" that the SEC
guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC. U.S. Investors are urged
to consider closely the disclosure in our Form 20-F, File #
0-50634, which may be secured from us, or 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 # 0-50634, for a more information
concerning these risks, uncertainties, and other factors. CONTACT:
Investor Relations at 1-800-811-3855; Visit our website:
http://www.tanzanianroyaltyexploration.com/ DATASOURCE: Tanzanian
Royalty Exploration Corporation CONTACT: Investor Relations at
1-800-811-3855; Visit our website:
http://www.tanzanianroyaltyexploration.com/
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