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On completion of the eighth tranche Mr. Sinclair will have satisfied his $3,000,000 current private placement commitment, and his total share placements to date will aggregate $21,064,000.
Tanzanian Royalty Exploration Corporation is pleased to report that, following the completion of the 8th tranche of the current private placement, Mr. Sinclair has confirmed his intention to continue his regular investments in Tanzanian Royalty by entering into a new Private Placement Subscription Agreement with the Company (the "new private placement") under which he will subscribe for common shares of the Company for an aggregate C$3,000,000. Under the new private placement, Mr. Sinclair has agreed to subscribe for eight (8) quarterly tranches of C$375,000 each, commencing February 1, 2009.
Consistent with the current private placement, the pricing of each quarterly tranche will be based on the greater of the weighted average trading price on the Toronto Stock Exchange of the Company's common shares for the last five consecutive trading days of each quarterly period or the closing price on the last trading day of each quarterly period. Also consistent with the current private placement, no warrants, options or other rights are to be issued or granted, the placement common shares will be subject to certain mandated hold periods and resale restrictions and the certificates representing such shares will be legended accordingly.
The 8th tranche of the current private placement and new private placement and each of the quarterly tranches will be subject to regulatory and stock exchange approvals.
According to Mr. Sinclair, "My ongoing market-priced investments in Tanzanian Royalty will ensure the company remains adequately financed while pursuing its objective of becoming one of the world's premium royalty companies with investment income from gold and other mineral producing assets in the Republic of Tanzania."
Tanzanian Royalty Exploration is a unique, publicly-traded, financial minerals exploration company whose business strategy is to develop royalty income under partnership arrangements from its world class gold, diamond and nickel assets in the Lake Victoria Greenstone and Kabanga/Kagera Nickel Belts of Tanzania.
Respectfully Submitted, James E. Sinclair Chairman and Chief Executive Officer
The Toronto Stock Exchange and NYSE Alternext US LLP have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," or "inferred" which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 001-32500. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our Form 20-F, File No. 001-32500, for a more information concerning these risks, uncertainties, and other factors.
Distributed by Filing Services Canada and retransmitted by Marketwire
For further information, please contact: Investor Relations 1-800-811-3855 Visit our website: www.TanzanianRoyaltyExploration.com
SOURCE: Tanzanian Royalty Exploration Corp.
http://www.TanzanianRoyaltyExploration.com
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