Tirex Raises $3,019,096 in Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/20/13 -- Tirex Resources Ltd. (TSX VENTURE: TXX) is pleased to announce that it has raised $3,019,096 via a non-brokered private placement of 6,038,192 common shares at a price of $0.50 per share. There are no warrants attached to the common shares and all shares issued under the private placement will be subject to resale restrictions expiring four months from the date of closing.
The Company may pay finder's fees in cash, common shares, common share purchase warrants, or a combination thereof, to certain parties instrumental in obtaining subscriptions to the placement.
This private placement provides Tirex additional financial strength as the company advances its business plan at the Mirdita Volcanogenic Massive Sulphide project in Albania.
The Company will not be proceeding with the balance of the financing announced on November 5, 2012, but did close on $1,208,120 relating to that private placement.
In addition to the funds closed in the private placement announced November 5th and the $3,019,096 private placement described in today's news release, Tirex has approximately $1.91-million undrawn under its facility with the European Bank for Reconstruction and Development (EBRD), a facility described in previous Tirex news releases.
Completion of the private placement is subject to receipt of applicable regulatory approvals including acceptance by the TSX Venture Exchange.
On Behalf of Management,
Bryan J. Slusarchuk, Chief Executive Officer
Forward-Looking Statements. This News Release may contain certain "forward-looking" statements and information relating to Tirex. Such statements include but are not limited to statements about the exploitation licenses, the Partnership Agreement, the production arrangements and the timing of mine development, and production. Often forward-looking statements or information include words such as "plans", expects", "intends", "anticipates", "estimates" "forecasts", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or will be taken occur or be achieved. Although forward-looking statements and information contained in this release are based on the beliefs of Tirex management, which are considered to be reasonable, as well as assumptions made by and information currently available to Tirex management, there is no assurance that the forward-looking statements or information will prove to be accurate. The forward-looking statements and information contained in this release are subject to current risks, uncertainties and assumptions related to certain factors including, without limitations, obtaining all necessary approvals, feasibility of mine and plant development, 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 as well as risks, uncertainties and other factors discussed in our quarterly and annual and interim management's discussion and analysis. In addition, a feasibility study has not been completed and there is no certainty the proposed operation will be economically viable. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results may vary materially from the forward-looking statements and information described herein. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. We undertake no obligation to update forward-looking statements or information except as required by law.
"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. Slusarchuk
Chief Executive Officer
604-687-7160
604-608-9110 (FAX)
info@TirexResources.com
www.TirexResources.com