New Private Placement NRTiex - Announces Non-Brokered Private Placement of up to $1,500,000
November 9, 2011 – Kelowna, British Columbia: Tiex Inc. (“Tiex” or the “Company”) TSX-V: TIX is pleased to announce that it intends to complete a non-brokered private placement offering ("Offering") of up to 5,000,000 units ("Units") at a price of
.10 per Unit for aggregate gross proceeds of up to $500,000 and up to 8,333,334 units of flow-through (“ Flow-through Units”) at a price of
.12 per Flow-through Unit for aggregate gross proceeds of up to $1,000,000. This private placement is subject to regulatory approval. The funds will be used for corporate purposes and exploration on the Company’s Cariboo property in the Quesnel Trough area of Central British Columbia
Each Unit consists of one (1) common share of the Company (“Common Share”) and one Common Share purchase warrant of the Company at a price of
.15 per common share excisable for a period of two years from the closing date. Each Flow-through Unit consists of one (1) Common Share to be issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one Common Share purchase warrant of the Company at a price of
.17 per common share excisable for a period of two years from the closing date.
Ken Faulkner, President and CEO of Tiex, states: “This funding should allow us to conclude Phase 2 of our development program that features the Gold Creek, gold prospect and the Viewlands, primary copper porphyry target, (see Company’s November 4th, 2011 news release for the outline and update of the program). At the conclusion of this program, we will know what needs to be done in order to develop a comprehensive plan that will take us toward building a possible resource on these two large targets.
(Gold Creek 12 kms strike length and Viewlands 700 x 2200 meter and 900 x 2700 meter anomaly). At the same time, we will also continue the ground work necessary to bring our other targets, in the region, to the next stage of development”.
The non-brokered private placement announced in the Company’s September 20, 2011 News Release has been withdrawn.