Tanzanian Royalty Announces Convertible Note Financing of US$10 Million

December 9th, 2014

December 9, 2014: Tanzanian Royalty Exploration Corporation (the “Company”) is pleased to announce that it has closed in escrow the issuance of US$10,000,000 in convertible senior notes and up to 3,642,857 common share purchase warrants to an institutional lender. The facility may be increased to US$15,000,000, subject to financial criteria. Forefront Capital acted as Placement Agent.

The Company will apply the proceeds of this financing to complete the final 10% of construction of the first phase of its Buckreef Gold Mine and to add to its working capital. Mr. James E. Sinclair, CEO of Tanzanian Royalty, stated “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. We are excited about finalizing our plans for phase II.”

Click here for the full press release…