May 5, 2011 (Canada NewsWire Group) --
(Not for distribution to USA wire services or for dissemination in the USA)
KELOWNA, BC, May 5 /CNW/ - Tiex Inc. ("Tiex" or the "Company") TSX-V: TIX is pleased to announce that, it closed today a non - brokered private placement (the "Private Placement"). The Private Placement consists of 1,532,000 units ("Common share "Units") at a price of $0.175 per Unit for gross proceeds of $268,100. Each Unit consists of one common share (a "Common Share") and one half of one common share purchase warrant (a "Warrant"). Each full Warrant entitles the holder to acquire one common share at $0.25 per share and is exercisable until May 4, 2012. The Private Placement is subject to final regulatory approval.
In connection with the Closing, the Company paid finders' fees of 91,920 Units to Scarsdale Equities LLC acting as finders. The Units are subject to a four month hold period expiring on September 5, 2011. Proceeds of the private placement will be used by the Company for general corporate purposes and to further fund exploration work on the Company's Cariboo Goldfields Properties.
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 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.
Ken D. Faulkner, President & CEO
Telephone: (250) 869 - 1607
Facsimile: (250) 868 - 0798
Email: ceo@tiexinc.com