Tirex Resources Closes $2,710,000 Financing
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/11/10 -- Tires Resources Ltd. (TSX VENTURE: TXX) -
-- $2,710,000 financing closes with the European Bank for Reconstruction
and Development
-- In the past 30 days, Tirex has closed on $3,660,700 in funding to
advance the company's Mirdita VMS District
Tirex Resources is pleased to report that it has closed EUR 2m (CAD $2,710,000) in financing from the European Bank for Reconstruction and Development ('EBRD') announced on July 8th, 2010.
The $2,710,000 bears interest at LIBOR plus 1.5% and is convertible into common shares of Tirex at $0.62 per share (see Tirex News Release dated October 8th, 2008 for full details on facility).
This $2,710,000 is in addition to the $950,700 in equity funding that was announced closed by Tirex on July 19th, 2010, bringing the total amount of capital raised during the past 30 days to $3,660,700.
Bryan Slusarchuk, CEO, states, 'Tirex appreciates the strong ongoing banking support from the EBRD as we execute our business plan at Mirdita.'
About the EBRD
The EBRD was established in 1991 to nurture private-sector business in emerging economies in Eastern Europe and Central Asia, and is the largest single investor in this region. The EBRD is owned by 61 different countries and two intergovernmental organizations, and invests mainly in private enterprises, usually in conjunction with commercial partners. The EBRD's prudent operational and financial policies, along with its strong capital position, have resulted in a credit rating of AAA from Standard & Poors, Aaa from Moody's and AAA from Fitch. EBRD has a subscribed capital totalling 20 billion euros.
Further details on the company and the Mirdita Project can be found on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
Bryan J.R. Slusarchuk, CEO and Director
Forward-Looking Statements. This Tirex News Release may contain certain 'forward-looking' statements and information relating to Tirex that are based on the beliefs of Tirex management, as well as assumptions made by and information currently available to Tirex management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.
'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 news release.'
Contacts:
Tirex Resources Ltd.
Bryan J.R. Slusarchuk
CEO and Director
(604) 687-7160 or Toll Free: 1-877-687-7160
(604) 687-7165 (FAX)
info@TirexResources.com
www.TirexResources.com