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According to the company, the price reflects the greater of the closing price on the Toronto Stock Exchange of Tanzanian's shares on 26 March 2009 of CAD5.95 and the five day weighted average trading price for the five consecutive trading days ended 26 March 2009 of CAD6.045.
However, if the closing price on the Toronto Stock Exchange of Tanzanian's shares on the date of closing is greater than the above, the share price and number of shares to be issued will be adjusted to reflect the higher price, said the company.
The company said that the proceeds will be used as general working capital.
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