Mar 5 2011
Tirex Resources Ltd. (TSX VENTURE:TXX) has closed its previously announced $5,000,000 non-brokered private placement via the issuance of 10 million common shares at a price of $0.50 per share.
There were no warrants issued in conjunction with this financing.
- Proceeds to continue advanced stage work and exploration activity at Mirdita
- This financing is additional to the $2,000,000 in funding recently arranged with the EBRD
This equity private placement is additional to the $2,000,000 in funding recently arranged with the European Bank for Reconstruction and Development ("EBRD") which was described in the Tirex News Release dated
January 5, 2011.
Tirex will use the proceeds of the funding to intensify advanced stage work and exploration activity at the company's district-scale Mirdita VMS project located in Southern Europe (Albania). Plans for 2011 include the completion of initial mineral resource estimates, a preliminary economic assessment study and continuing exploration work, with a dominant focus on drilling. The drilling will continue to both define and expand known zones of mineralization, and test geological and geophysical targets with new discovery potential.
As consideration for services rendered in connection with the private placement, the Company paid aggregate finder's fees of $224,600 cash, 177,600 finder's fee shares and 271,000 broker warrants. The private placement shares, the finder's fee shares and the broker warrants are subject to a hold period expiring 4 months from closing.
Source: Tirex Resources Ltd.