Argex Titanium Inc. files Q2 2012 financial statements
- Argex also provides update on pilot plant scale up
MONTREAL, Aug. 31, 2012 /CNW Telbec/ - Argex Titanium Inc. (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) ("Argex" or the "Company") would like to inform shareholders that it filed on August 29, 2012 its financial statements and management's discussion and analysis ("MD&A") for the period ended June 30, 2012. The financial statements and MD&A are available in both English and French on SEDAR (www.sedar.com) under Argex Titanium Inc.
Financial Highlights for the Period Ended June 30, 2012
- As at June 30, 2012, the Company had cash of $2,230,846 and short-term investments of $1,517,250.
- The figures above do not include the $5,022,000 private placement that Argex closed on July 5, 2012 by issuing 5,400,000 common shares at a price of $0.93 per share.
- Argex's working capital as at June 30, 2012 was $3,262,343.
- Total assets of the Company as at June 30, 2012 were $26,474,281.
- At the end of Q2 2012, Argex had shareholders' equity of $22,411,835.
- For the three-month period ended June 30, 2012, the Company incurred total operating expenses of $1,369,730.
- For the six-month period ended June 30, 2012, Argex incurred total operating expenses of $2,436,894.
- For the six-month period ended June 30, 2012, the Company generated $2,912,579 from financing activities; these proceeds were generated principally from the issuance of shares related to the exercising of options, warrants and broker warrants.
- Argex currently has no debt.
- As at August 29, 2012, the Company had 116,076,496 common shares issued and outstanding. With the closing price of $0.80 on that date, the market capitalization of Argex is over $92.8 million.
"The financial condition of Argex as at June 30, 2012, was solid, as demonstrated by the above figures," said Roy Bonnell, Argex's President and Chief Executive Officer. "The closing of the $5,022,000 private placement in July 2012 only strengthened Argex's treasury. The Company has sufficient funds to complete its next major milestone, which is a bankable feasibility study."
Update on Pilot Plant Scale-Up
Argex would also like to provide shareholders with an update on the progress on the commissioning of its larger pilot-plant in Mississauga, Ontario. As previously stated, the Company is scaling up this facility to produce 10kg of titanium dioxide per day.
All of the equipment necessary for this scale up has arrived in Mississauga and is installed, and commissioning of the pilot plant is in its final stages. This scale-up will allow Argex to work more closely with end users of TiO2, with the objective of reducing costs and providing a product that meets their specifications.
Argex will provide further updates to shareholders once the pilot plant is commissioned and fully operational.
About Argex Titanium Inc.
ARGEX Titanium INC. is a near-term producer of Titanium Dioxide. With a primary goal of advancing rapidly towards production, Argex has adopted a simple and low-risk strategy for the scale-up of its proprietary process that allows it to produce high-purity pigment-grade TiO2 directly from run-of-mine material.
The process is running continuously at the mini-plant in Mississauga, Ontario. The closed-loop process is environmentally friendly and produces minimal inert tailings.
Additionally, the Corporation owns 100% of the Mouchalagane property, which is a large Labrador trough iron ore property that represents further potential upside for the Argex shareholders.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Argex Titanium Inc.For further information:
Roy Bonnell, President and Chief Executive Officer
Argex Titanium Inc.
Argex Titanium Inc.
The Howard Group
Sarah Moreau, Consultant, Financial & Regulatory Affairs
514 395-0375, ext.234