Deal proceeds earmarked for exploration at Cariboo, corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 20 - Tiex Inc. said it plans to sell C$2 million of units through a non-brokered private placement. Foundation Markets Inc. will assist.
The company will sell 20 million units of one common share and one half-share warrant at C$0.10 per unit, with each whole warrant exercisable at C$0.15 for 18 months. The strike price is a 100% premium to the Sept. 19 closing share price of C$0.075.
Proceeds will be used for exploration on the company's Cariboo property and corporate purposes.
"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 mineral exploration and development company.
| Issuer: | Tiex Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 20 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
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| Pricing date: | Sept. 20
|
| Stock symbol: | TSX Venture: TIX
|
| Stock price: | C$0.11 at close Sept. 20
|
| Market capitalization: | C$4.56 million
|
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