/NOT FOR DISTRIBUTION TO USA WIRE SERVICES OR FOR DISSEMINATION IN THE
KELOWNA, BC, Dec. 17 /CNW/ - Tiex Inc. ("Tiex" or the "Company") TSX-V: TIX is pleased to announce that further to its press release dated November
8, 2010, the size of its previously-announced non-brokered private
placement has been increased to $ 1,035,000 (the "Increased Offering"). The Increased Offering will consist of up to 5,462,500 common share
units (" Common share "Units") at a price of $0.10 per Unit for gross proceeds of up to $546,250
and up to 3,910,000 common shares issued on a "flow-through" basis
(Flow-through share "Units") at a price of $0.125 per Unit for gross proceeds of up to $488,750.
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.
A finder's fee of up to 7 percent of the gross proceeds of the private
placement may be paid in cash or Common Units on all or any portion of
this private placement. It is not anticipated that any new insiders
will be created, nor that any change of control will occur, as a result
of the private placement. Completion of the private placement is
subject to regulatory approval. 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
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
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:
Ken D. Faulkner, V.P. Corporate Development
Telephone: (250) 869 - 1607
Facsimile: (250) 868 - 0798