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Tanzanian Royalty Chairman to Provide CDN$1 Million Private Placement
Vancouver, Canada (ots/PRNewswire) - Tanzanian Royalty Exploration Corporation announces that Mr. James E. Sinclair has agreed to provide CDN$1 million by way of a private placement with the proceeds being applied to a significant exploration program including a major drilling component on several of its mineral properties in Tanzania.
Mr. Sinclair has agreed to purchase 107,124 common shares at a purchase price of CDN$9.335 per share for proceeds totaling CDN$1,000,000. The price reflects the weighted average trading price of the Company's shares for the five consecutive trading days ended May 1, 2006.
The placement common shares are subject to certain mandated hold periods and the certificates representing such shares are legended accordingly. No warrants, options or other rights have been issued or granted in connection with this placement.
The private placement is subject to Regulatory approval.
James E. Sinclair
Chairman and Chief Executive Officer
The Toronto Stock Exchange and American Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note to US Investors - The United States Securities and Exchange Commission permits US mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "measured", "indicated", and "inferred" "resources" that the SEC guidelines strictly prohibit US registered companies from including in their filings with the SEC. US Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-50634, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
Visit our website: www.TanzanianRoyaltyExploration.com
To request a free copy of this organisation's annual report, please go to http://www.newswire.ca and click on Tools for Investors.
Trade Symbol: TSX: TNX
ots Originaltext: Tanzanian Royalty Exploration Corporation
Im Internet recherchierbar: http://www.presseportal.ch
For further information: please contact Investor Relations at
1-800-811-3855; Visit our website: