Mr. Ernest Bergvinson reports
TIEX INC. CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Tiex Inc., effective on Dec. 23, 2010, closed the first tranche of the private placement first announced in Stockwatch on Nov. 8, 2010, and as amended by a Stockwatch news release on Dec. 23, 2010. The private placement consists of 5,312,500 common share units at a price of 10 cents per unit for gross proceeds of $531,250 and 4.03 million common shares issued on a flow-through basis at a price of 12.5 cents per unit for gross proceeds of $503,750. Each unit will consist of one common share and one-half of one common share purchase warrant. Each full warrant is exercisable for one year from closing into one common share at 15 cents per share for the common unit and 20 cents per share for the flow-through unit. The first tranche closing consisted of the sale of all of the 4.03 million flow-through units resulting in gross proceeds to the company of $503,750 and 3,612,500 of the common units resulting in gross proceeds to the company of $361,250. The private placement is subject to final regulatory approval.
In connection with the first tranche closing, the company paid finders' fees of 398,125 common units to three persons acting as finders. The shares and any shares issuable upon the exercise of the warrants are subject to a four-month hold period expiring on April 24, 2011. Proceeds of the private placement will be used by the company for general corporate purposes and to further finance exploration work on the company's Cariboo Goldfields properties.
We seek Safe Harbor.