By Devika Patel
Knoxville, Tenn., Nov. 13 - Tanzanian Royalty Exploration Corp. said that James E. Sinclair, the company's chairman, completed a C$375,000 tranche of a previously announced C$3 million private placement of shares. The deal was announced on Oct. 11 for C$2 million.
Sinclair plans to buy a total of eight quarterly tranches, with each tranche consisting of 63,993 common shares at C$5.86 each.
Proceeds will be used for working capital.
Tanzanian Royalty is a gold exploration company based in South Surrey, B.C.
| Issuer: | Tanzanian Royalty Exploration Corp.
|
| Issue: | Common shares
|
| Amount: | C$3 million
|
| Price: | C$5.86
|
| Warrants: | No
|
| Investor: | James E. Sinclair
|
| Announcement date: | Oct. 11
|
| Stock symbol: | Toronto: TNX
|
| Stock price: | C$5.76 at close Oct. 10
|
|
|
| Each tranche (eight total)
|
| Amount: | C$375,000
|
| Shares: | 63,993
|
|
|
| Third tranche
|
| Settlement date: | Nov. 13
|
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