Tanzanian Royalty Exploration Corporation

Tanzanian Royalty Chairman Proceeds With Eighth Tranche of CDN$3 Million Private Placement

    Vancouver, Canada (ots/PRNewswire) - Tanzanian Royalty Exploration Corporation advises that Mr. James E.  Sinclair is proceeding with the eighth tranche of the private placement  announced on January 13, 2005 (the "Placement") whereby Mr. Sinclair agreed  to purchase common shares of the Corporation representing an aggregate  value of CDN$3,000,000. Such shares are to be purchased in 8 quarterly tranches of CDN$375,000 each, commencing February 1, 2005, of which seven  tranches have been completed to date.

    The eighth tranche will consist of 56,467 common shares of the Corporation having a purchase price of CDN$6.641 per share for proceeds  totaling CDN$375,000. The purchase price reflects the weighted average  trading price of the Corporation's shares for the five consecutive trading  days ended January 31, 2007, or the closing price of the Corporation's  shares on January 31, 2007 of CDN$6.28, whichever is greater.

    In addition, Mr. Sinclair has agreed to make available to the Corporation an interest free advance of CDN$1,000,000.

    All private placement common shares are subject to certain mandated  hold periods and resale restrictions and the certificates representing such  shares are legended accordingly. No warrants, options or other rights have  been issued or granted in connection with the Placement. Each tranche is  subject to regulatory approval.

    Respectfully Submitted,

    "James E. Sinclair"

    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 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

Contact:
For further information: please contact Investor Relations at
1-800-811-3855; Visit our website:
www.tanzanianroyaltyexploration.com



Weitere Meldungen: Tanzanian Royalty Exploration Corporation

Das könnte Sie auch interessieren: