Tanzanian Royalty Agrees to $1 Million Private Placement
Tanzanian Royalty Exploration Corporation advises that it has reached
agreement in principle for a $1,000,000 private placement with an
institutional investor.
The private placement consists of a three-year note in the principal
amount of $1,000,000, bearing interest at 3% and convertible into
118,182 common shares at the price of $4.518 per share, representing the
five-day weighted average trading price of the common shares on the
Toronto Stock Exchange for the period ended August 9, 2010, less a
discount of 15%.
The funds will be utilized for the purchase of equipment and for general
corporate expenses. The proposed private placement is subject to
regulatory approval.
Respectfully submitted,
James E. Sinclair
Chairman and Chief Executive Officer
For further information, please contact Investor Relations at
1-800-811-3855
Visit our website: www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and NYSE Amex Equities have not reviewed and
do not accept
responsibility for the adequacy or accuracy of this
release
Cautionary Note to U.S. Investors - The United States Securities and
Exchange Commission limits disclosure for U.S. reporting purposes to
mineral deposits that a company can economically and legally extract or
produce. We use certain terms on this news release, such as 'reserves?,
'resources?, 'geologic resources?, 'proven?, 'probable?, 'measured',
'indicated', or 'inferred' which may not be consistent with the reserve
definitions established by the SEC.U.S. Investors are urged to
consider closely the disclosure in our Form 20-F, File No. 001-32500.You can review and obtain copies of these filings from the SEC's
website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute
'forward-looking statements? within the meaning of the Private
Securities Litigation Reform Act of 1995.Such
forward-looking statements are based on numerous assumptions, and
involve known and unknown risks, uncertainties and other factors,
including risks inherent in mineral exploration and development, which
may cause the actual results, performance, or achievements of the
Company to be materially different from any projected future results,
performance, or achievements expressed or implied by such
forward-looking statements.Investors are referred to our
description of the risk factors affecting the Company, as contained in
our Form 20-F, File No. 001-32500, for more information concerning these
risks, uncertainties, and other factors.
Tanzanian Royalty Exploration Corporation
Connecticut Office:
93
Benton Hill Road
Sharon, CT 06069
Tel: 860-364-1830
Fax:
860-364-0673
or
South Surrey Office:
Suite 404 ? 1688
152nd Street
South Surrey, BC V4A 4N2
Toll Free: 1-800-811-3855
Tel:
604-536-7873
Fax: 604-536-2529
Email: investors@TanzanianRoyaltyExploration.com
Website:
www.TanzanianRoyaltyExploration.com