November 08, 2013
Update on Tirex Resources Financing with Global Resources Investments Ltd.
Further to the Company's news release of September 26, 2013, the Company announces it has reduced the amount of funding arranged with Global Resources Investment Trust Plc (GRIT).
The Company originally arranged an estimated $5.1 million (see Tirex News Release dated 2013-09-26) via its financing with Global Resources Investments Ltd (GRIL). The Company will now instead raise $3,450,000 through the sale of 11,500,000 common shares at $0.30 per share rather than the originally contemplated 17 million shares at $0.30 per share.
GRIL has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIL will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust Plc (GRIT) and seek admission of its ordinary shares on the main market for listed securities on the London Stock Exchange.
In consideration for acquiring the Company's shares, GRIT will issue and deliver to the Company, 2,057,981 ordinary shares of GRIT at £1.00 per share (the GRIT Shares). The Company will then sell the GRIT Shares through the facilities of the London Stock Exchange to realize the private placement proceeds.
Closing of the transaction is subject to a number of conditions precedents, including approval of the TSX Venture Exchange, and GRIT successfully listing on the London Stock Exchange.
On Behalf of Management,
Tirex Resources Ltd.
700 - 510 West Hastings Street
Vancouver, B.C., Canada V6B 1L8
Tel. 604-687-7160 Fax. 604-608-9110
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.