/NOT FOR DISTRIBUTION TO USA WIRE SERVICES OR FOR DISSEMINATION IN THE USA/
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 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: For further information:
Ken D. Faulkner, V.P. Corporate Development
Telephone: (250) 869 - 1607
Facsimile: (250) 868 - 0798
Email: [email protected]