By Devika Patel
Knoxville, Tenn., Feb. 4 - Tanzanian Royalty Exploration Corp. said that James E. Sinclair, the company's chairman, has agreed to complete another C$3 million private placement of shares. Sinclair completed a similar placement with the company on Tuesday, which was the pricing date for the new deal.
Sinclair plans to buy a total of eight quarterly tranches, with each tranche consisting of C$375,000 in common shares.
Proceeds will be used for working capital.
Tanzanian Royalty is a gold exploration company based in South Surrey, B.C.
| Issuer: | Tanzanian Royalty Exploration Corp.
|
| Issue: | Common shares
|
| Amount: | C$3 million
|
| Warrants: | No
|
| Investor: | James E. Sinclair
|
| Pricing date: | Feb. 3
|
| Stock symbol: | Toronto: TNX
|
| Stock price: | C$4.79 at close Feb. 3
|
|
|
| Each tranche (eight total)
|
| Amount: | C$375,000
|
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