Company to buy modular-type gravity plants for Lunguya Gravels Project
By Devika Patel
Knoxville, Tenn., Nov. 5 - Tanzanian Royalty Exploration Corp. said it settled a private placement of shares.
The company sold 800,000 common shares at C$6.052 apiece for C$4.84 million. The price per share is a 14.76% discount to C$7.10, the closing share price on Nov. 4, and is also equal to the five-day weighted average trading price of the shares for the period ending Sept. 21, minus a 15% discount.
Investors also received 200,000 warrants, which are each exercisable at C$7.309, a 2.94% premium to the Nov. 4 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. Rated at 100 tons per hour, the plants will include crushers and cyclones as part of the initial process flow sheet.
Tanzanian Royalty is a gold exploration company based in South Surrey, B.C.
| Issuer: | Tanzanian Royalty Exploration Corp.
|
| Issue: | Common shares
|
| Amount: | C$4,841,600
|
| Shares: | 800,000
|
| Price: | C$6.052
|
| Warrants: | 200,000
|
| Warrant strike price: | C$7.309
|
| Pricing date: | Nov. 5
|
| Stock symbol: | Toronto: TNX
|
| Stock price: | C$7.10 at close Nov. 4
|
| Market capitalization: | C$645.5 million
|
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