KELOWNA, BC, Nov. 17 /CNW/ - Tiex Inc. ("Tiex" or the "Company") TSX-V:TIX announces a non-brokered private placement offering to raise gross proceeds of up to $500,000 from the sale of 400,000 flow-through units and 3,666,667 common share units.
Flow Through Units
The flow-through units (the "FT Units") are being offered at $0.15 per FT Unit. Each FT Unit will consist of one common share (a "Common Share") of the Company issued on a flow-through basis and one-half of a common share purchase warrant (a "Warrant") of the Company to be issued on a non-flow-through basis. Each whole Warrant will entitle the holder to purchase one Common Share for a period of two years from closing at a price of $0.20 per share in the first year and $0.25 per share in the second year.
Common Share Units
The common share units (the common share "Units") are being offered at $0.12 per Unit. Each Unit will consist of one Common Share and one-half of a common share purchase warrant (a "Unit Warrant") of the Company. Each Unit Warrant will entitle the holder to purchase one Common Share for a period of two years from closing at a price of $0.15 per share for two years.
A finders' fee equal to 7.0% of the gross proceeds on the private placement will be payable in kind by the issuance of Common Share Units. Upon completion of the private placements, B & D Capital Partners of Vancouver, B.C. will be granted a right of first refusal for one year on Tiex's future financings.
The Private Placement is expected to close on November 20th 2009.
The private placement is subject to regulatory approval. The proceeds of the private placement will be used by the Company for general working capital and to further fund its drill program at Gold Creek on the Cariboo Goldfields Project.
About Tiex Inc.
Tiex Inc. is a TSX Venture listed mineral exploration company focused on the exploration of its 136,000 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
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: For further information: Ernest (Ernie) Bergvinson, President & CEO, Telephone: (250) 869-1607, Facsimile: (250) 868-0798, Email: email@example.com