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September 26, 2013
Tirex Arranges Estimated $5.1 Million Financing with Global Resources Investment Ltd.
Vancouver, BC - Tirex Resources Ltd. (TSX.V: TXX) ("Tirex") has entered into a share exchange agreement with Global Resources Investment Ltd. ("GRIL"), an arm's length party to Tirex.
This agreement significantly strengthens the financial position of Tirex as the company executes its business plan in Albania.
GRIL is a United Kingdom-based investment trust established to seek to exploit investment opportunities in the junior mining and natural resource sectors. GRIL's investment objective is to generate medium- and long-term capital growth through investment in diverse portfolios of primarily small- and mid-capitalized natural resources and mining companies that are listed on various global stock exchanges.
GRIL is seeking admission of its ordinary shares on the main market for listed securities on the London Stock Exchange (LSE), where it proposes to re-register as a public company and constitute as a United Kingdom investment trust with the name Global Resources Investment Trust PLC. (GRIT). Tirex and GRIL have entered into a share exchange agreement, whereby Tirex would, assuming successful listing of the GRIT shares on the LSE, subscribe for 3,247,580 GRIT shares at a deemed value of one British pound per GRIT share in exchange for the issuance of 17 million shares of Tirex at deemed price of 0.1910 British pound per unit (this equals approximately 30 Canadian cents). Tirex will then sell the GRIT shares through the facilities of the London Stock Exchange to realize proceeds. There are no warrants issued in connection with this financing.
Tirex Chief Executive Officer, Mr. Bryan Slusarchuk, states, "This financing strengthens the balance sheet of Tirex, gives the company increased flexibility as we execute our business plan, and also allows Tirex to access funds over time which will enable us to participate in what we believe will be improving general market conditions in this space. Post the completion of this arrangement, GRIL will become a major shareholder of Tirex and we look forward to a long and mutually beneficial relationship."
Closing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on the London Stock Exchange.
On Behalf of Management,
Bryan Slusarchuk,
CEO
Tirex Resources Ltd.
700 - 510 West Hastings Street
Vancouver, B.C., Canada V6B1L8
Tel. 604-687-7160 Fax. 604-608-9110 Email: info@TirexResources.com
Website: www.TirexResources.com
Forward-Looking Statements
This Tirex News Release may contain certain "forward-looking" statements and information relating to Tirex. Such statements include but are not limited to statements about the Agreement, Licenses, the production arrangements and the timing of the mine development, and production. Often forward-looking statements or information include words such as "plans", expects", "intends", "anticipates", "estimates" "forecasts", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or will be taken occur or be achieved. Although forward-looking statements and information contained in this release are based on the beliefs of Tirex management, which we consider to be reasonable, as well as assumptions made by and information currently available to Tirex management, there is no assurance that the forward-looking statement or information will prove to be accurate. The assumptions made include assumptions about Tirex's ability to move forward with the arrangements as set out in the definitive agreement and as set out in the order of METE. The forward-looking statements and information contained in this release are subject to current risks, uncertainties and assumptions related to certain factors including, without limitations, obtaining all necessary approvals, feasibility of mine and plant development, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events as well as risks, uncertainties and other factors discussed in our quarterly and annual and interim management's discussion and analysis. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements and information may vary materially from those described herein. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. We undertake no obligation to update forward-looking statements or information except as required by law. The six mineral areas which Tirex will contribute to OpCo are historical in nature, and Tirex has not reported any mineral resource (as defined in NI 43-101) and there are no NI 43-101 compliant technical reports prepared in respect thereto.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release." |