Chairman Will Proceed With $375,000 7th Tranche of $3 Million Private Placement and Advance to the C
Publié le 02 janvier 2009
Re: News Release - Friday, January 02, 2009
Title: Royalty Chairman Will Proceed With $375,000 7th Tranche of $3 Million Private Placement and Advance to the Company Another $375,000
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 endeavours.
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 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. 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.
Copyright � 2009 TANZANIAN ROYALTY EXPLORATION CORPORATION (TNX) All rights reserved. For more information visit our website at http://www.tanzanianroyaltyexploration.com/ or send email to info@tanzanianroyaltyexploration.com ..
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