KELOWNA, BC, Nov. 9, 2011 /PRNewswire/ - 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 $0.10 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 $0.12 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 $0.15 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 $0.17 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The non-brokered private placement announced in the Company's September 20, 2011 News Release has been withdrawn.
About Tiex Inc.
Tiex Inc. is a TSX Venture listed mineral exploration company focused on the exploration of its 95,559 hectare Cariboo Goldfields Project, (including the earn-in option/joint venture agreement with Newmont Canada Corporation announced in the Company's April 27, 2011 news release) located in the historic Quesnel Trough area of central British Columbia, Canada. The property is accessible by highway and logging roads year round. For more information, you can visit the company's website at www.tiexinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Kenneth D. Faulkner"
President & CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE TIEX Inc.
