August
11, 2010
Tirex Resources
Closes $2,710,000 Financing
- $2,710,000 financing closes with the European Bank for
Reconstruction and Development
- In the past 30 days, Tirex
has closed on $3,660,700 in funding to advance the company's Mirdita VMS District
Vancouver, BC- Tirex Resources Ltd. (TSX-V:TXX) - Tirex Resources is pleased to report that it has
closed EUR 2m (CAD $2,710,000) in financing from the European Bank for
Reconstruction and Development ("EBRD") announced on July 8th,
2010.
The $2,710,000 bears interest at LIBOR plus 1.5% and is
convertible into common shares of Tirex at
$0.62 per share (see Tirex News Release dated
October 8th, 2008 for full details on facility).
This
$2,710,000 is in addition to the $950,700 in equity funding that was
announced closed by Tirex on July 19th, 2010, bringing the
total amount of capital raised during the past 30 days to $3,660,700.
Bryan
Slusarchuk, CEO, states, "Tirex appreciates the strong ongoing
banking support from the EBRD as we execute our business plan at
Mirdita."
About
the EBRD
The
EBRD was established in 1991 to nurture private-sector business in
emerging economies in Eastern Europe and Central Asia, and is the
largest single investor in this region. The EBRD is owned by 61
different countries and two intergovernmental organizations, and invests
mainly in private enterprises, usually in conjunction with commercial
partners. The EBRD's prudent operational and financial policies, along
with its strong capital position, have resulted in a credit rating of
AAA from Standard & Poors, Aaa from Moody's and AAA from Fitch. EBRD
has a subscribed capital totalling 20 billion euros.
Further
details on the company and the Mirdita Project can be found on the
Tirex website at www.TirexResources.com.
ON
BEHALF OF TIREX RESOURCES LTD.
Bryan
J.R. Slusarchuk,
CEO and Director
Forward-Looking
Statements. This Tirex News Release may contain certain
"forward-looking" statements and information relating to
Tirex that are based on the beliefs of Tirex management, as well as
assumptions made by and information currently available to Tirex
management. Such statements reflect the current risks, uncertainties
and assumptions related to certain factors including, without
limitations, exploration and development risks, expenditure and
financing requirements, title matters, operating hazards, metal prices,
political and economic factors, competitive factors, general economic
conditions, relationships with vendors and strategic partners,
governmental regulation and supervision, seasonality, technological
change, industry practices, and one-time events. Should any one or more
of these risks or uncertainties materialize or change, or should any
underlying assumptions prove incorrect, actual results and
forward-looking statements may vary materially from those described
herein.
"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."
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