KELOWNA, BC, Nov. 30 /CNW/ - Tiex Inc. ("Tiex" or the "Company") TSX-V: TIX announces that it has closed the private placement announced November 17, 2009. The Company raised gross proceeds of $500,000 through the issuance of 400,000 flow-through units and 3,666,667 common share units.
Each flow-through unit (the "FT Unit") was issued at a price of $0.15 per FT Unit and consisted of one flow-through share and one-half non flow-through warrant. Each non flow-through share purchase warrant entitles the holder to purchase one common share in Tiex 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.
Each common share unit (the "Unit") was issued at a price of $0.12 per Unit and consisted of one common share and one-half share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share in Tiex for a period of two years from closing at a price of $0.15 per share.
A total of 291,667 additional common share Units were issued to the finder in lieu of cash payment in connection with the private placement. Upon completion of the private placements, B & D Capital Partners of Vancouver has been granted a right of first refusal for one year on Tiex's future financings. All of the securities issued in connection with the private placement are subject to four month hold periods that expire as to 3,225,000 on March 24, 2010, 416,000 on March 26, 2010 and 717,334 on March 27, 2010. 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.
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: firstname.lastname@example.org; Doug Kerr, Investor Relations, Telephone: (604) 638-0699, Toll Free: 1-866-580-0699, Email: email@example.com