May 02, 2002
Trans Hex International Ltd., to be renamed Tsodilo Resouces Limited (CDNX: THI) is pleased to announce that it has negotiated a non-brokered private placement of up to 1,000,000 units of the Company (the "Units") at a price of $0.15 per Unit for proceeds to the Company of up to $150,000. Each Unit consists of one common share of the Company and one warrant of the Company, each such warrant entitling the holder to purchase one common share of the Company at a price of $0.40 for a period of two years. James M. Bruchs, to be named Chief Executive Officer and director of the Company upon completion of the restructuring approved by shareholders on April 9, 2002, is the proposed purchaser of approximately 40% of the Units, with the other incoming directors and their associates proposing to purchase the remainder of the Units. Closing of this transaction is subject to regulatory approval. Proceeds from this financing will be added to the Company's working Capital.
The restructuring of the Company, including the discontinuance of the Company from the Province of Ontario and the continuance of the Company under the Business Corporations Act (Yukon) as well as the change of name of the Company to Tsodilo Resources Limited, is expected to be completed within approximately one week of the end of the strike by the Ontario Public Servants Union. The board of directors approved by shareholders on April 9, 2002 will take office at that time.
FOR FURTHER INFORMATION PLEASE CONTACT:
Trans Hex International Ltd.
1 (416) 800-4214
1 (416) 572-4164 (FAX)