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Tanzanian Royalty Chairman Agrees to Reprice Second Tranche
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Tanzanian Royalty Exploration Corporation advises that Mr. James E.
Sinclair has agreed to reprice the second tranche of the private
placement. As announced on August 10, 2006, Mr. Sinclair agreed to
purchase common shares of the Corporation representing an aggregate
value of $3,000,000. Such shares are to be purchased in 8 quarterly
tranches of $375,000 each, commencing February 1, 2007.
Since July 31, 2007, the end of the second quarterly tranche period,
Tanzanian Royalty's share price has increased meaningfully. The
original 2nd tranche purchase price of $5.267 reflects the weighted
average trading price of the Corporation's shares for the five
consecutive trading days for the quarterly period ended July 31, 2007.
Tanzanian Royalty and Mr. Sinclair have agreed to reprice the second
tranche to reflect the current share price. The second tranche will
consist of 63,345 common shares of the Corporation having a purchase
price of $5.92 per share for proceeds totaling $375,000. The revised
purchase price reflects the closing price of the Corporation's shares
on August 13, 2007. The second tranche private placement has now
closed.
The private placement common shares are subject to certain mandated
hold periods and resale restrictions 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.
Each tranche 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 American Stock Exchange 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 permits U.S. mining companies, in their filings
with the SEC, to disclose only those mineral deposits that a company
can economically and legally extract or produce. We use certain terms
on this news release, such as "measured", "indicated", and "inferred"
"resources" that the SEC guidelines strictly prohibit U.S. registered
companies from including in their filings with the SEC. U.S. Investors
are urged to consider closely the disclosure in our Form 20-F, File No.
0-50634, which may be secured from us, or 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. 0-50634, for a
more information concerning these risks, uncertainties, and other
factors.
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