Business
Tirex Arranges Estimated $5.1 Million Financing with Global Resources Investment Ltd.
Vancouver, British Columbia--(Newsfile Corp. - September 26, 2013) - Tirex Resources Ltd. (TSXV:...
About this update from Canadian Goldfields Discovery Corp
[{"type":"text","content":"\nTirex Arranges Estimated $5.1 Million Financing with Global Resources Investment Ltd.Vancouver, British Columbia--(Newsfile Corp. - September 26, 2013) - Tirex Resources Ltd. (TSXV: TXX) (\"Tirex\") has entered into a share exchange agreement with Global Resources Investment Ltd. (\"GRIL\"), an arm's length party to Tirex.This agreement significantly strengthens the financial position of Tirex as the company executes its business plan in Albania.GRIL is a United Kingdom-based investment trust established to seek to exploit investment opportunities in the junior mining and natural resource sectors. GRIL's investment objective is to generate medium- and long-term capital growth through investment in diverse portfolios of primarily small- and mid-capitalized natural resources and mining companies that are listed on various global stock exchanges.GRIL is seeking admission of its ordinary shares on the main market for listed securities on the London Stock Exchange (LSE), where it proposes to re-register as a public company and constitute as a United Kingdom investment trust with the name Global Resources Investment Trust PLC. (GRIT). Tirex and GRIL have entered into a share exchange agreement, whereby Tirex would, assuming successful listing of the GRIT shares on the LSE, subscribe for 3,247,580 GRIT shares at a deemed value of one British pound per GRIT share in exchange for the issuance of 17 million shares of Tirex at deemed price of 0.1910 British pound per unit (this equals approximately 30 Canadian cents). Tirex will then sell the GRIT shares through the facilities of the London Stock Exchange to realize proceeds. There are no warrants issued in connection with this financing.Tirex Chief Executive Officer, Mr. Bryan Slusarchuk, states, \"This financing strengthens the balance sheet of Tirex, gives the company increased flexibility as we execute our business plan, and also allows Tirex to access funds over time which will enable us to participate in what we believe will be improving general market conditions in this space. Post the completion of this arrangement, GRIL will become a major shareholder of Tirex and we look forward to a long and mutually beneficial relationship.\"Closing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing ...