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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.
"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
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