Tiex Inc. Closes Private PlacementTiex Inc. Closes Private Placement
Tiex Inc. ("Tiex" or the "Company") TSX-V: TIX announces that it has closed the private placement announced November 17, 2009. The Company raised gross proceeds of $500,000 through the issuance of 400,000 flow-through units and 3,666,667 common share units.
Each flow-through unit (the "FT Unit") was issued at a price of
.15 per FT Unit and consisted of one flow-through share and one-half non flow-through warrant. Each non flow-through share purchase warrant entitles the holder to purchase one common share in Tiex for a period of two years from closing at a price of
.20 per share in the first year and
.25 per share in the second year.
Each common share unit (the "Unit") was issued at a price of
.12 per Unit and consisted of one common share and one-half share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share in Tiex for a period of two years from closing at a price of
.15 per share.
A total of 291,667 additional common share Units were issued to the finder in lieu of cash payment in connection with the private placement. Upon completion of the private placements, B & D Capital Partners of Vancouver has been granted a right of first refusal for one year on Tiex's future financings. All of the securities issued in connection with the private placement are subject to four month hold periods that expire as to 3,225,000 on March 24, 2010, 416,000 on March 26, 2010 and 717,334 on March 27, 2010. The proceeds of the private placement will be used by the Company for general working capital and to further fund its drill program at Gold Creek on the Cariboo Goldfields Project.