Tanzanian Royalty Exploration Corporation announces that Mr. James E.
Sinclair has agreed to provide $1,500,000 by way of a private placement
with the proceeds being applied to general working capital. Mr. Sinclair
has agreed to purchase 248,139 common shares at a purchase price of
$6.045 per share for proceeds totaling $1,500,000. The price reflects
the greater of the closing price on the Toronto Stock Exchange of the
Company’s shares on March 26, 2009 of $5.95 and the 5-day weighted
average trading price for the five consecutive trading days ended March
26, 2009 of $6.045. If the closing price on the Toronto Stock Exchange
of the Company’s shares on the date of closing is greater than the
above, the share price and number of shares to be issued will be
adjusted to reflect the higher price.
The private placement common shares are subject to certain mandated hold
periods and the certificates representing such shares are legended
accordingly. No warrants, options or other rights have been issued or
granted in connection with this placement.
The private placement is subject to Regulatory approval.
Respectfully Submitted,
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 a more information concerning
these risks, uncertainties, and other factors.
Form 20-F, File No. 001-32500
Tanzanian Royalty Exploration Corporation
Connecticut Office:
860-364-1830
Fax:
860-364-0673
or
Vancouver Office:
Helen Hansen,
604-536-7873
Toll Free: 1-800-811-3855
Fax: 604-536-2529
or
investors@TanzanianRoyaltyExploration.com
www.TanzanianRoyaltyExploration.com
