TIEX - Closes Private Placement

KELOWNA, BC, Dec. 29, 2011 /CNW/ - TIEX INC. ("Tiex" or the "Company") (TSXV: TIX) is pleased to announce that the Company closed, the non-brokered private placement announced on November 9, 2011 (the "Private Placement"). The Private Placement consisted of the sale of 4,000,000 common share units (the "Unit") at $0.10 per Unit ($400,000) and 801,334 flow-through units (the "FT Unit") at $0.12 per FT Unit ($96,160) for gross proceeds to the Company of $496,160.

Each Unit consists of one common share (each a "Share") and one common share purchase warrant (the "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 $0.15 and each Warrant included in the FT Units will entitle the holder to purchase one additional share for $0.17. 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 fund exploration expenditures on its Cariboo Region properties, located in central British Columbia and for general working capital purposes.

About Tiex Inc:
Tiex Inc. is a TSX Venture listed mineral exploration company focused on the exploration of its 95,559 ha Cariboo Region properties, including the 16,180 ha Bullion Property which is under an earn-in option/joint venture agreement with Newmont Canada Corporation as announced in the Company's April 27, 2011 news release. The properties are located in the prolific Quesnel Terrane of central British Columbia, Canada and are 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.