Benzinga | Jan 24, 2022 08:33AM EST

TanGold Announces $7M Registered Direct Offering

TORONTO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Tanzanian Gold Corporation (TSX:TNX) (NYSE:TRX) (TanGold or the Company) today announced that it has entered into a definitive agreement with a single institutional investor for the purchase and sale of 17,948,718 of the Company's common shares at an effective purchase price of $0.39 per share, in a registered direct offering. In addition, the Company has also agreed to issue and sell to the investor warrants to purchase up to an aggregate of 17,948,718 common shares. The warrants will have an exercise price of $0.44 and will be exercisable at any time upon issuance and will expire five years thereafter. The offering is expected to close on or about January 26, 2022, subject to satisfaction of customary closing conditions.