The Tanzanian Royalty Exploration Corporation (TRX) has announced that USD 10 million in convertible senior notes has been closed in escrow with as many as 3,642,857 common share purchase warrants for an institutional lender to finance the development of their Buckreef gold mine project that is jointly owned with the State Mining Corporation (Stamico).
According to a statement released by James Sinclair, CEO of the TRX, financing could be increased to as much as USD 15 million subject to financial criteria, but the proceeds of the financing will be used to complete the remaining 10% of construction for the first phase of its Buckreef gold mine with the remainder being added to its working capital.
“In light of the difficult market conditions affecting our industry, we are particularly proud of this financing which will be sufficient to complete the construction of phase I of our Buckreef project and increase our working capital,” he said, “We are excited about finalizing our plans for phase II.”
Final closing of the financing out of escrow is subject to approval by the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) with additional proof for the lending institution that no intervening material adverse change has occurred since initial approval.
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