KELOWNA, BC, Sept. 20, 2011 /PRNewswire/ - Tiex Inc. ("Tiex" or the "Company") (TSXV: TIX) is pleased to announce that it intends to complete an offering ("Offering") of up to 20 million units ("Units") at a price of $0.10 per Unit for aggregate gross proceeds of up to $2,000,000. Foundation Markets Inc. ("Foundation") has been engaged to facilitate the Offering and will refer to the Company registered brokers and syndicate members ("Finders"). This non-brokered private placement is subject to regulatory approval. The funds will be used for exploration on the Company's Cariboo property in the Quesnel Trough area of Central British Columbia and corporate purposes.
Each Unit consists of one (1) common share of the Company ("Common Share") and one half (1/2) of one Common Share purchase warrant of the Company ("Warrant"), with each full Warrant entitling the holder to acquire one common share of the Company at a price of $0.15 per common share for a period of 18 months from the closing date.
Finders will be entitled to a cash commission in the amount of 6.0% of the gross proceeds received from the sale of the Units ("Finder's Fee"), and finder units ("Finder Units") equal to 6.0% of the Units issued pursuant to the Offering. Each Finder Unit will entitle the holder to purchase one Unit at a price of $0.10, exercisable at any time until 24 months from the Closing Date. The Company will also pay a corporate finance fee equal to 2.0% ("Corporate Finance Fee") of the gross proceeds raised from subscriptions in the Offering payable in cash on the Closing Date of the Offering to Foundation and issue to Foundation Finder Units equal to 2.0% of the number of Units issued in the Offering, exercisable into Units at a price of $0.10, at any time until 24 months 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. 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 3.5/3.5 km 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".
"We look forward to working with Yannis Banks and his team at Foundation Markets Inc. and we thank them for recognizing the potential of Tiex Inc".
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.
About Foundation Markets Inc.
Foundation is a Toronto-based boutique investment bank and corporate finance advisory firm licensed as an Exempt Market Dealer. The firm is focused on working with small and medium-sized companies with rapid growth potential, specializing in assisting pre-public clients in accelerating access to private and public capital, developing and implementing strategic plans, and executing going-public transactions. Foundation also works with public companies on financing, mergers and acquisitions transactions, and strategic advisory services.
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.