Tanzanian Royalty Agrees to $1 Million Private Placement
10 July 2010 - 7:45AM
Business Wire
Tanzanian Royalty Exploration Corporation advises that it has
reached agreement in principle for a $1,000,000 private
placement.
The private placement will consist of a three year note bearing
a 3% interest rate that is convertible into 230,362 common shares
with a value of $4.341 per share, representing the five-day
weighted average trading price of the common shares on the Toronto
Stock Exchange for the period ended July 8, 2010 less a discount of
15%. A bonus of 25,000 shares will be payable if the note is
converted into common shares within an 18 month period.
The funds will be utilized for the purchase of equipment and for
general corporate expenses. The proposed private placement is
subject to regulatory approval.
Respectfully Submitted,
“James E. Sinclair”
James E. Sinclair Chairman and Chief Executive Officer
For further information, please
contact Investor Relations at 1-800-811-3855Visit our website:
www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and NYSE
Amex Equities 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 more information
concerning these risks, uncertainties, and other factors.
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