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Vancouver, Canada (ots/PRNewswire) - Tanzanian Royalty Exploration Corporation is pleased to report that, following the completion in January, 2007 of the 8th tranche of the current Private Placement Subscription Agreement dated January 13, 2005 (the " Current Agreement"), James E. Sinclair, Chairman and CEO of the Company, has confirmed his intention to continue his regular investments in Tanzanian Royalty by entering into a new Private Placement Subscription Agreement with the Company (the "New Agreement") under which he will subscribe for common shares of the Company for an aggregate CDN$3,000,000. Under the New Agreement, Mr. Sinclair has agreed to subscribe for eight (8) quarterly tranches of CDN$375,000 each, commencing February 1, 2007.
The pricing of each quarterly tranche will be based on the weighted average trading price of the Company's common shares for the last five consecutive trading days of each quarterly period. Consistent with the Current Agreement, no warrants, options or other rights are to be issued or granted, the placement common shares will be subject to certain mandated hold periods and resale restrictions and the certificates representing such shares will be legended accordingly.
The new private placement and each of the quarterly tranches will be subject to regulatory and stock exchange approval.
According to Mr. Sinclair, "My ongoing market-priced investments in Tanzanian Royalty will ensure the company remains adequately financed while pursuing its objective of becoming one of the world's premium royalty companies with investment income from gold and other mineral producing assets in the Republic of Tanzania."
Tanzanian Royalty Exploration is a unique, publicly-traded, financial minerals exploration company whose business strategy is to develop royalty income under partnership arrangements from its world class gold, diamond and nickel assets in the Lake Victoria Greenstone and Kabanga/Kagera Nickel Belts of Tanzania.
"James E. Sinclair"
Chairman and Chief Executive Officer
Visit our website: www.TanzanianRoyaltyExploration.com
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 U.S. Investors - The United States Securities and Exchange Commission permits U.S. 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 U.S. registered companies from including in their filings with the SEC. U.S. 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.
ots Originaltext: Tanzanian Royalty Exploration Corporation
Im Internet recherchierbar: http://www.presseportal.ch
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