Friday, 23 November 2012

Tirex Resources closes first tranche of financing, raises $1.2 mln

Vancouver-based Tirex Resources (CVE:TXX) has closed the first tranche of the equity financing announced early this month, raising $1.2 million so far. 
The first tranche of the non-brokered private placement financing consisted of 1.73 million shares at a price of 70 cents each, part of the total planned $7.7 million equity raise.             
The new funds are earmarked for exploration, targeting new discoveries in the areas of Mirdita in Albania, outside of its mining partnership. 
Tirex announced late last month that it received the official seal from the Albanian Ministry of Economy, Trade and Energy to convert its six exploration licenses in the region to 25-year mining licenses, paving the way for near-term production.
The six specific areas, for which conversion to exploitation licenses were ordered with immediate effect, are located in the Mirdita volcanogentic massive sulfide (VMS) district. 
The company already has a partnership agreement relating to copper, gold and silver production from the six areas for which it was granted a mining license, meaning it can fast track to production fully financed, without corresponding share dilution. This is because it has access to mill capacity and underground mine development capital through its mining partnership. 
But Tirex also has more than 40 high priority airborne electromagnetic (EM) anomalies at Mirdita and has identified six exploration areas for immediate ground geophysical surveying and drilling outside of the mining partnership zones - for which the new funds will be used. 
In addition to the financing, Tirex said in a statement late Thursday that it has around $1.9 million undrawn under its facility with the European Bank for Reconstruction and Development, and has applied to draw down this amount. 

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