VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/05/13 -- Tirex Resources Ltd. (TSX VENTURE: TXX)(OTCQX: TIRXF) ("Tirex") is pleased to announce that the private placement announced on February 20, 2013 and March 1, 2013 has closed and the company has issued 6,238,192 shares at $0.50 per share for total gross proceeds to Tirex of $3,119,096. No warrants were issued in connection with the financing.
Tirex Chief Executive Officer, Bryan Slusarchuk, states, "To complete a straight share financing for more than $3 million in this difficult overall market environment is a testament to the quality work our technical team in Albania is doing, and speaks highly to the merits of the project. Thank you to all shareholders for your continued strong support as we advance our projects in the Mirdita VMS District."
While headquartered in British Columbia, Canada, Tirex trades actively in the United States (TIRXF) and Germany (3TI) in addition to the company's Canadian listing (TXX).
Finder's fees payable in connection with this financing are $108,328 and 270,819 finder's warrants exercisable for 2 years at $0.50 per share. The company has also issued 70,000 shares pursuant to a shares for services agreement previously accepted by the Exchange and previously announced. All shares issued are subject to resale restrictions expiring 4 months from the date of issue.
On Behalf of Management,
Bryan J. Slusarchuk, Chief Executive Officer
Forward-Looking Statements. This News Release may contain certain "forward-looking" statements and information relating to Tirex. Such statements include but are not limited to statements about the exploitation licenses, the Partnership Agreement, the production arrangements and the timing of mine development, and production. Often forward-looking statements or information include words such as "plans", expects", "intends", "anticipates", "estimates" "forecasts", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or will be taken occur or be achieved. Although forward-looking statements and information contained in this release are based on the beliefs of Tirex management, which are considered to be reasonable, as well as assumptions made by and information currently available to Tirex management, there is no assurance that the forward-looking statements or information will prove to be accurate. The forward-looking statements and information contained in this release are subject to current risks, uncertainties and assumptions related to certain factors including, without limitations, obtaining all necessary approvals, feasibility of mine and plant development, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events as well as risks, uncertainties and other factors discussed in our quarterly and annual and interim management's discussion and analysis. In addition, a feasibility study has not been completed and there is no certainty the proposed operation will be economically viable. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results may vary materially from the forward-looking statements and information described herein. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. We undertake no obligation to update forward-looking statements or information except as required by law.
"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 news release."
Tirex Resources Ltd.
700 - 510 West Hastings Street
Vancouver, B.C., Canada V6B 1L8
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