Tirex Closes $5,000,000 Equity Private Placement Fully Subscribed
04 Marzo 2011 - 4:30PM
Marketwired
Tirex Resources Ltd. (TSX VENTURE: TXX) -
-- Proceeds to continue advanced stage work and exploration activity at
Mirdita
-- This financing is additional to the $2,000,000 in funding recently
arranged with the EBRD
Tirex has closed its previously announced $5,000,000
non-brokered private placement via the issuance of 10 million
common shares at a price of $0.50 per share. There were no warrants
issued in conjunction with this financing.
This equity private placement is additional to the $2,000,000 in
funding recently arranged with the European Bank for Reconstruction
and Development ("EBRD") which was described in the Tirex News
Release dated
January 5, 2011.
Tirex will use the proceeds of the funding to intensify advanced
stage work and exploration activity at the company's district-scale
Mirdita VMS project located in Southern Europe (Albania). Plans for
2011 include the completion of initial mineral resource estimates,
a preliminary economic assessment study and continuing exploration
work, with a dominant focus on drilling. The drilling will continue
to both define and expand known zones of mineralization, and test
geological and geophysical targets with new discovery
potential.
As consideration for services rendered in connection with the
private placement, the Company paid aggregate finder's fees of
$224,600 cash, 177,600 finder's fee shares and 271,000 broker
warrants. The private placement shares, the finder's fee shares and
the broker warrants are subject to a hold period expiring 4 months
from closing.
Further details on the company and the Mirdita Project can be
found on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
Bryan J.R. Slusarchuk, CEO and Director
Forward-Looking Statements. This Tirex News Release may contain
certain "forward-looking" statements and information relating to
Tirex that are based on the beliefs of Tirex management, as well as
assumptions made by and information currently available to Tirex
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, 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. 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 may vary
materially from those described herein.
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.
Contacts: Tirex Resources Ltd. Bryan J.R. Slusarchuk CEO and
Director 604-687-7160 or Toll Free: 1-877-687-7160 604-687-7165
(FAX) info@TirexResources.com www.TirexResources.com
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