TIEX Closes $1,035,000 Private Placement

/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE US/

KELOWNA, BC, Jan. 4 /CNW/ - TIEX INC. ("Tiex" or the "Company") (TSX-V: TIX) is pleased to announce that, effective on December 31,2010, the company closed the second and final tranche (the "Second Tranche Closing") of the non brokered private placement first announced on November 8, 2010 and as amended by news releases on December 18, 2010, to announce an increase in the size of the offering, and December 23, 2010, to announce the closing of the first tranche of the increased offering, (the "Private Placement"). The entire Private Placement consisted of the sale of 5,312,500 common share units (the "Units") at $0.10 per Unit ($531,250) and 4,030,000 flow-through units (the "FT Units") at $0.125 per FT Unit ($503,750) for gross proceeds to the Company of $1,035,000. The Second Tranche Closing consisted of the sale of 1,700,000 Units ($170,000)

Each Unit and each FT Unit consists of one common share (each a "Share") and one half of a common share purchase warrant (each full warrant a "Warrant"). Each Warrant included in the Units will entitle the holder to purchase one additional Share for $0.15 and each Warrant included in the FT Units will entitle the holder to purchase one additional Share for $0.20. All of the Warrants are exercisable for a period of twelve months from the closing date.

In connection with the Second Tranche Closing, the Company paid a finder's fee of 35,000 Units. The Shares and any Shares issuable upon the exercise of the Warrants issued pursuant to the Second Tranche Closing are subject to a four month hold period expiring on May 1, 2011. The TSX Venture Exchange has conditionally approved the closing of the Private Placement, subject to the filing of final documents

The net proceeds of the Private Placement will be used by Tiex to fund expenditures on the Cariboo Goldfields Project, located in central British Columbia and for general working capital purposes.

About Tiex Inc.
Tiex Inc. is a TSX Venture listed mineral exploration company focused on the exploration of its 137,572 hectare Cariboo Goldfields Project 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

ON BEHALF OF THE BOARD OF DIRECTORS

"Ernest Bergvinson"

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, V.P. Corporate Development
Telephone: (250) 869 - 1607
Facsimile:   (250) 868 - 0798
Email: tye10@shaw.ca

Profil de l'entreprise

TIEX Inc.

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