Financing proceeds earmarked for exploration on the Cariboo property
By Devika Patel
Knoxville, Tenn., Nov. 9 - Tiex Inc. said it arranged a C$1.5 million non-brokered private placement of units. The company also said it has canceled plans for a C$2 million non-brokered private placement of units that priced Sept. 20.
Tiex will sell 5 million units at C$0.10 apiece and 8,333,334 flow-through units at C$0.12 per unit.
Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.15 for two years. Each flow-through unit consists of one flow-through common share and one warrant, with each warrant exercisable at C$0.17 for two years.
The strike prices of the warrants are 50% and 70% premiums to the Nov. 8 closing share price of C$0.10.
Proceeds will be used for corporate purposes and exploration on the Cariboo property.
"This funding should allow us to conclude Phase 2 of our development program that features the Gold Creek, gold prospect and the Viewlands, primary copper porphyry target," president and chief executive officer Ken Faulkner said in a press release.
"At the conclusion of this program, we will know what needs to be done in order to develop a comprehensive plan that will take us toward building a possible resource on these two large targets. At the same time, we will also continue the ground work necessary to bring our other targets, in the region, to the next stage of development."
Calgary, Alta.-based Tiex is a gold exploration and development company.
| Issuer: | Tiex Inc.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one warrant
|
| Amount: | C$1.5 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 9
|
| Stock symbol: | TSX Venture: TIX
|
| Stock price: | C$0.10 at close Nov. 9
|
| Market capitalization: | C$4.14 million
|
|
|
| Units
|
| Amount: | C$500,000
|
| Units: | 5 million
|
| Price: | C$0.10
|
| Warrant strike price: | C$0.15
|
|
|
| Flow-through units
|
| Amount: | C$1 million
|
| Units: | 8,333,334
|
| Price: | C$0.12
|
| Warrant strike price: | C$0.17
|
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