Blackberry Fund Management, Inc. increases investment in Tiex Inc.
06.01.2012 | CNW
NEW YORK, Jan. 6, 2012 - Blackberry Fund Management, Inc. and its affiliates, Blackberry Mining Fund, LP and Wade N. Black (collectively, "Blackberry"), announced today that Blackberry has acquired an additional 1,500,000 units in Tiex Inc. ("Tiex") consisting of one common share and one common share purchase warrant (a "Warrant") pursuant to the non-brokered private placement completed and announced by Tiex on December 29, 2011. Each unit was issued to Blackberry for $0.10 per unit for total consideration of $150,000 and each Warrant included in the unit will entitle the holder to purchase one additional common share for $0.15 for a period of 2 years from the closing date of the private placement. The additional units, assuming exercise of the Warrants, represent approximately 6.48% of the issued and outstanding common shares of Tiex.After giving effect to the transaction, as well as an additional purchase in the open market on January 4, 2012, Blackberry and its affiliates own, directly or indirectly, collectively, 4,744,000 common shares of Tiex representing 10.24% of the total issued and outstanding common shares of Tiex, as well as 1,500,000 Warrants, 133,000 additional warrants (each of these warrants are exercisable for one common share of Tiex at $0.25 per warrant and expire on May 11, 2012) and 200,000 compensation options of Tiex, which if all were exercised would represent an additional 1,833,0000 common shares and an additional 3.98% of the total outstanding common shares of Tiex.
Blackberry acquired the units in Tiex for investment purposes. Depending on market and other conditions, Blackberry may, from time to time, increase or decrease his ownership, control or direction over the common shares or other securities of Tiex.
Blackberry Fund Management, Inc. is a private investment manager based in New York City.
SOURCE TIEX Inc.
For further information:
Wade N. Black
Contact: 646-775-4820