Tirex Resources to raise USD 7.7mn in private placement to fund Albanian ops.

By bne IntelliNews November 7, 2012
Canada-based mineral extracting company Tirex Resources has arranged a non-brokered private placement to raise up to USD 7.7mn to finance its drilling program in Albania, the company said in a statement on its website. It will issue 11mn shares at a price of USD 0.7 per share. As the company informed on October 29, the Albanian economy ministry approved the conversion of all six Tirexs exploration licences into 25-year production licenses. This will enable the company to launch mining activity in the Mirdita Volcanogenic Massive Sulphide project, located on 344 sq km, 70 km north of the capital Tirana. The initial production profile will consist of copper, gold and silver. Tirex has joined forces with Turkish non-ferrous metals and minerals trading company Ekin Maden in order to launch commercial production of copper and gold.

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