I wonder what kind of price they got for this investment.....
Tanzanian Royalty arranges $3.14-million private placement
Tanzanian Royalty Exploration Corp(C:TNX)
Shares Issued 90,089,293
Last Close11/23/2009 $4.02
Tuesday November 24 2009 - News Release
Mr. James Sinclair reports
TANZANIAN ROYALTY ANNOUNCES $3.14 MILLION FINANCING FOR EVALUATION PROGRAM AT KIGOSI GOLD PROJECT
Tanzanian Royalty Exploration Corp. has arranged a $3.14-million privateplacement comprising 1,155,835 shares through two European investmentfunds.
Proceeds from the financing will be used to evaluate and develop thecompany's Kigosi gold project in the Lake Victoria goldfields ofTanzania where significant quantities of near surface, gold-bearinggravels have been indicted in several phases of RC drilling.
According to James Sinclair, chairman and chief executive officer,"Our immediate plans for 2010 include the bulk sampling of surfacegravels at Kigosi, with a view to developing the property's larger scalepotential on a staged basis over the next few years."
"This is a time tested way of developing a gold project and in fact mostof the world's historic mining camps have been developed on this basis.It reduces risk to shareholders and preserves the value of the asset forinvestors," he said.
Budgets for equipment purchases have been approved and the company'sin-house technical staff are completing the equipment selection processfor the bulk sampling plant and delivery times to the Kigosi site.