Tirex Resources Ltd. has closed the second tranche of a non-brokered private placement announced on September 21, 2016 consisting of the issuance of 4,323,500 units at 10 cents per unit for gross proceeds of $432,350. All securities issued pursuant to the financing are subject to a four-month hold period expiring four months and a day from date of issuance.
Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant will allow the holder to purchase one common share of Tirex at a price of 15 cents for a period of 12 months from the date of issuance. All warrants issued in connection with this private placement are subject to forced acceleration should Tirex's common shares close at 30 cents or greater for 10 straight trading days.
The total combined raised in both tranches is $1,432,350.
Proceeds from the financing are intended to be used for general corporate purposes, including the payments of certain outstanding accounts payable, and to facilitate work at the company's Romovista gold-silver-zinc project in Kosovo.
Fred Tejada
President
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain 'forward-looking statements' under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding completion of the Financing and the expected use of proceeds. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company's securities, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters.. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.