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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