By Devika Patel
Knoxville, Tenn., May 1 - Tanzanian Royalty Exploration Corp. announced it will raise C$1.73 million in a private placement of shares. The company also completed a fifth tranche of a C$3 million placement of shares for C$375,000.
The company will sell 332,434 common shares at C$5.189 apiece to chairman James E. Sinclair.
The company also said Sinclair completed the fifth tranche of a previously announced deal, buying 72,268 shares at C$5.189 apiece.
Sinclair plans to buy a total of eight quarterly tranches of common shares with each tranche equaling $375,000. A third tranche settled in November and a fourth in February.
This deal was announced on Oct. 11 for C$2 million and was upsized to C$3 million.
Proceeds will be used for working capital.
Tanzanian Royalty is a gold exploration company based in South Surrey, B.C.
Feb. 4 deal
| Issuer: | Tanzanian Royalty Exploration Corp.
|
| Issue: | Common shares
|
| Amount: | C$1,725,000
|
| Shares: | 332,434
|
| Price: | C$5.189
|
| Warrants: | No
|
| Investor: | James E. Sinclair
|
| Announcement date: | May 1
|
| Stock symbol: | Toronto: TNX
|
| Stock price: | C$5.13 at close April 31
|
|
|
| Oct. 11 deal
|
| Issuer: | Tanzanian Royalty Exploration Corp.
|
| Issue: | Common shares
|
| Amount: | C$3 million
|
| 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
|
|
|
| Third tranche
|
| Settlement date: | Nov. 13
|
|
|
| Fourth tranche
|
| Settlement date: | Feb. 5
|
|
|
| Fifth tranche
|
| Settlement date: | May 1
|
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