/NOT FOR DISTRIBUTION TO USA WIRE SERVICES OR FOR DISSEMINATION IN THE USA/
KELOWNA, BC, Dec. 23 /CNW/ - Tiex Inc. ("Tiex" or the "Company") TSX-V: TIX is pleased to announce that, effective on December 23, 2010, it closed the first tranche (the "First Tranche Closing") of the private placement first announced on November 8, 2010 and as amended by a news release on December 23, 2010 (the "Private Placement"). The Private Placement consists of 5,312,500 common share units (" Common share "Units") at a price of $0.10 per Unit for gross proceeds of $531,250 and 4,030,000 common shares issued on a "flow-through" basis (Flow-through share "Units") at a price of $0.125 per Unit for gross proceeds of $503,750. Each Unit will consist of one common share (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each full Warrant is exercisable for one year from closing into one Common Share at $0.15 per share for the Common Unit and $0.20 per share for the Flow-through Unit. The First Tranche Closing consisted of the sale of all of the 4,030,000 Flow-through Units resulting in gross proceeds to the Company of $503,750 and 3,612,500 of the Common Units resulting in gross proceeds to the Company of $361,250. The Private Placement is subject to final regulatory approval.
In connection with the First Tranche Closing, the Company paid finders' fees of 398,125 Common Units to three persons acting as finders. The Shares and any Shares issuable upon the exercise of the Warrants are subject to a four month hold period expiring on April 24, 2011. Proceeds of the private placement will be used by the Company for general corporate purposes and to further fund exploration work on the Company's Cariboo Goldfields Properties.
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.
For further information:
Ken D. Faulkner, V.P. Corporate Development
Telephone: (250) 869 - 1607
Facsimile: (250) 868 - 0798
Email: [email protected]
Share this article