KELOWNA, BC, Sept. 20, 2011 /CNW/ - Tiex Inc. ("Tiex" or the "Company") (TSXV: TIX) is pleased to announce that it intends to complete an offering
("Offering") of up to 20 million units ("Units") at a price of $0.10
per Unit for aggregate gross proceeds of up to $2,000,000. Foundation
Markets Inc. ("Foundation") has been engaged to facilitate the Offering
and will refer to the Company registered brokers and syndicate members
("Finders"). This non-brokered private placement is subject to
regulatory approval. The funds will be used for exploration on the
Company's Cariboo property in the Quesnel Trough area of Central
British Columbia and corporate purposes.
Each Unit consists of one (1) common share of the Company ("Common
Share") and one half (1/2) of one Common Share purchase warrant of the
Company ("Warrant"), with each full Warrant entitling the holder to
acquire one common share of the Company at a price of $0.15 per common
share for a period of 18 months from the closing date.
Finders will be entitled to a cash commission in the amount of 6.0% of
the gross proceeds received from the sale of the Units ("Finder's
Fee"), and finder units ("Finder Units") equal to 6.0% of the Units
issued pursuant to the Offering. Each Finder Unit will entitle the
holder to purchase one Unit at a price of $0.10, exercisable at any
time until 24 months from the Closing Date. The Company will also pay a
corporate finance fee equal to 2.0% ("Corporate Finance Fee") of the
gross proceeds raised from subscriptions in the Offering payable in
cash on the Closing Date of the Offering to Foundation and issue to
Foundation Finder Units equal to 2.0% of the number of Units issued in
the Offering, exercisable into Units at a price of $0.10, at any time
until 24 months from the Closing Date.
Ken Faulkner, President and CEO of Tiex, states: "This funding should
allow us to conclude Phase 2 of our development program that features
the Gold Creek gold prospect and the Viewlands, primary copper porphyry
target. At the conclusion of this program, we will know what needs to
be done in order to develop a comprehensive plan that will take us
toward building a possible resource on these two large targets. (Gold
Creek 12 kms strike length and Viewlands 3.5/3.5 km anomaly). At the
same time, we will also continue the ground work necessary to bring our
other targets, in the region, to the next stage of development".
"We look forward to working with Yannis Banks and his team at Foundation
Markets Inc. and we thank them for recognizing the potential of Tiex
About Tiex Inc.
Tiex Inc. is a TSX Venture listed mineral exploration company focused on
the exploration of its 95,559 hectare Cariboo Goldfields Project,
(including the earn-in option/joint venture agreement with Newmont
Canada Corporation announced in the Company's April 27, 2011 news
release) located in the historic Quesnel Trough area of central British
Columbia, Canada. The property is accessible by highway and logging
roads year round. For more information, you can visit the company's
website at www.tiexinc.com.
About Foundation Markets Inc.
Foundation is a Toronto-based boutique investment bank and corporate
finance advisory firm licensed as an Exempt Market Dealer. The firm is
focused on working with small and medium-sized companies with rapid
growth potential, specializing in assisting pre-public clients in
accelerating access to private and public capital, developing and
implementing strategic plans, and executing going-public transactions.
Foundation also works with public companies on financing, mergers and
acquisitions transactions, and strategic advisory services.
ON BEHALF OF THE BOARD OF DIRECTORS
"Kenneth D. Faulkner"
President & CEO
Certain information regarding the Company including management's
assessment of future plans and operations, may constitute
forward-looking statements under applicable securities laws and
necessarily involve risks associated with mining exploration and
development, volatility of prices, currency fluctuations, imprecision
of resource estimates, environmental and permitting risks, access to
labour and services, competition from other companies and ability to
access sufficient capital. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements.
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 RELEASE
SOURCE TIEX Inc.
For further information:
Ken D. Faulkner, President & CEO
Telephone: (250) 869 - 1607
Facsimile: (250) 868 - 0798
Foundation Markets Inc.
Telephone: (416) 777-6169