Company to buy modular-type gravity plants for Lunguya Gravels Project
By Devika Patel
Knoxville, Tenn., Nov. 17 - Tanzanian Royalty Exploration Corp. said it will conduct a private placement of shares.
The company will sell 2,553,627 common shares at C$5.874 apiece for C$15 million. The price per share is a 13.75% discount to C$6.81, the closing share price on Nov. 16, and is also a 15% discount to the five-day weighted average trading price of the common shares for the period ending Nov. 5.
Investors will also receive 638,407 warrants, which are each exercisable at C$7.05, a 3.52% premium to the Nov. 16 closing price.
Proceeds will be used for general corporate purposes including the purchase of two modular-type gravity plants for the company's Lunguya Gravels Project.
Tanzanian Royalty is a gold exploration company based in South Surrey, B.C.
Issuer: | Tanzanian Royalty Exploration Corp.
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Issue: | Common shares
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Amount: | C$15 million
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Shares: | 2,553,627
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Price: | C$5.874
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Warrants: | 638,407
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Warrant strike price: | $7.05
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Pricing date: | Nov. 17
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Stock symbol: | Toronto: TNX
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Stock price: | C$6.81 at close Nov. 17
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Market capitalization: | C$623.52 million
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