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| | Tue Dec 22, 2009
Tanzanian Royalty Announces Closing of $3.14 Million Financing
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| | Tanzanian Royalty is pleased to announce the $3.14 million private placement comprising 1,155,835 shares through two European investment funds has closed.
Proceeds from the financing will be used for a bulk sampling program on the Company's Kigosi Gold Project in the Lake Victoria Goldfields of Tanzania where significant quantities of near surface, goldbearing gravels have been indicated in several phases of RC drilling.
Subject to favourable results from this sampling program, the Company will move the project to commercial production on a staged basis utilizing an expandable processing facility. Budgets for equipment purchases have been approved and the first equipment is scheduled to arrive on site at the end of January.
"James Sinclair"
James E. Sinclair
Chairman and Chief Executive Officer
For further information, please contact Investor Relations at 1-800-811-3855
Visit our website: www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and NYSE Amex Equities have not reviewed and do not accept responsibility for the adequacy or accuracy of this release
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "reserves", "resources", "geologic resources", "proven", "probable", "measured", "indicated", or "inferred" which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 001-32500. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our Form 20-F, File No. 001-32500, for more information concerning these risks, uncertainties, and other factors. |
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| | You can view the Next News Releases item: Wed Jan 27, 2010, Tanzanian Royalty Announces Participation of Jinchuan Mining In Program to Explore and Develop Kabanga Nickel Licenses
You can view the Previous News Releases item: Tue Nov 24, 2009, Tanzanian Royalty Announces $3.14 Million Financing For Evaluation Program at Kigosi Gold Project
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