/NOT FOR DISSEMINATION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Jan. 4 /CNW/ - Tigris Uranium Corp. (TSX.V: TU) (the "Company") announces that it has closed the non-brokered placement announced on December 15, 2010. The private placement was oversubscribed by $1,200,000 and on closing, a total of 10,500,000 units of the Company were issued at a price of $0.40 per unit for gross proceeds to the Company of $4,200,000. Each unit consists of one common share and one half of one non-transferable share purchase warrant. Each full warrant will entitle the holder to purchase an additional common share at a price of $0.65 for a period of eighteen months from closing. Finders' fees totaling $105,420 were paid to certain finders.
The proceeds of the private placement will be used for exploration and development of the Company's New Mexico uranium properties and for general working capital purposes.
About Tigris Uranium Corp.
Tigris Uranium Corp. has assembled an elite staff and technical team with considerable experience in the uranium sector and is committed to providing shareholders with exceptional leverage to rising uranium prices through the acquisition of established resources. Tigris will achieve this through four value-enhancing strategies: acquisition of uranium projects with established resources in stable mining jurisdictions such as the United States and Canada; conducting geological and engineering work likely to expand resources, upgrade resources to reserves and improve recoverability; advancing existing resources into and through the permitting process to accelerate the potential uranium production timeline; and selling or partnering projects, when they reach the production stage, to limit risk and share dilution. Tigris holds New Mexico projects which contain a total Indicated Resource of 34.474 million pounds of eU(3)O(8) at an average grade of 0.0949% eU(3)O(8) (Myers, 2010).
Neither 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.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Tigris Uranium Corp's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Tigris Uranium Corp. assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE Tigris Uranium Corp.
For further information: Tigris Uranium Corp., Janet Lee-Sheriff, President, Phone: (604) 648-4653