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Tanzanian Royalty Chairman To Proceed With 5th Tranche And
Provide C$1,725,000 Private Placement
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Tanzanian Royalty Exploration Corporation announces that Mr. James E.
Sinclair has agreed to provide C$1,725,000 by way of a private
placement with the proceeds being applied to general working capital.
Mr. Sinclair has agreed to purchase 332,434 common shares at a purchase
price of $5.189 per share for proceeds totaling $1,725,000. The price
reflects the greater of the weighted average trading price of the
Company's shares for the five consecutive trading days ended April 30,
2008 of $5.189 and the closing price on April 30, 2008 of $5.13.
In addition, Tanzanian Royalty advises that Mr. James E. Sinclair is
proceeding with the fifth 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 fifth tranche of the Placement will
consist of 72,268 common shares of the Corporation having a purchase
price of $5.189 per share for proceeds totaling $375,000. The purchase
price reflects the greater of the 5-day weighted average trading price
of the Company's shares for the quarterly period ended April 30, 2008
of $5.189 and the closing price on April 30, 2008 of $5.13.
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 these placements.
The private placements are subject to Regulatory approval.
Respectfully Submitted,
"James Sinclair"
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. 0-50634. 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. 0-50634, for a
more information concerning these risks, uncertainties, and other
factors.
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Copyright (c) 2008 TANZANIAN ROYALTY EXPLORATION CORPORATION (TNX) All
rights reserved. For more information visit our website at
http://www.tanzanianroyaltyexploration.com/ or send
mailto:info@tanzanianroyaltyexploration.com
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