TIEX - CLOSES PRIVATE PLACEMENT
Tiex Inc. has closed the non-brokered private placement announced on Nov. 9, 2011. The private placement consisted of the sale of four million common share units at 10 cents per unit ($400,000) and 801,334 flow-through units at 12 cents per FT unit ($96,160) for gross proceeds to the company of $496,160.
Each unit consists of one common share and one common share purchase warrant. Each flow-through unit consists of one share issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one warrant. Each warrant included in the units will entitle the holder to purchase one additional share for 15 cents, and each warrant included in the FT units will entitle the holder to purchase one additional share for 17 cents. All of the warrants are exercisable for a period of two years from the closing date.
In connection with the closing, the company paid a finder's fee in cash of $2,720 and paid to Scarsdale Equities LLC as finder 104,000 units. The shares and any shares issuable upon the exercise of the warrants are subject to a four-month hold period expiring on April 28, 2012. The TSX Venture Exchange has conditionally approved the closing of the private placement, subject to the filing of final documents.
The net proceeds of the private placement will be used by Tiex to finance exploration expenditures on its Cariboo region properties, located in central British Columbia and for general working capital purposes.