Argex reports fiscal year 2013 results
Management's Discussion and Analysis and Annual Information Form also
available on SEDAR
MONTREAL, March 31, 2014 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex" or the "Corporation") today reports that is has filed its financial results for the year ended December 31, 2013. The Corporation's financial statements and Management's Discussion and Analysis are available at www.sedar.com. All dollar amounts are in Canadian dollars unless stated otherwise.
Financial Highlights for the year ended December 31, 2013:
- Cash, short-term investments and other investments of the Corporation totalled $6,7 million at December 31, 2013;
- The Corporation has no debt;
- Cash used in operating activities in 2013 was $9.6 million, which included $3.1 million for the Corporation's technical and environmental studies during the year;
- Cash generated from financing activities amounted to $11.8 million for the year ended December 31, 2013; this included two private placements for total gross proceeds of $10 million, as well as the exercise of warrants and options; and
- Capital expenditures for our Valleyfield R&D Centre and pilot plant operations amounted to $0.8 million in 2013.
The Corporation reported a net loss of $15.7 million ($0.13 per share),
which included a $4.7 ($0.04 per share) million impairment of the
Corporation's iron ore property, compared to $6.0 million ($0.05 per
share) for the same period in 2012.
"Argex has completed our work on the comprehensive third-party engineering report associated with our first proposed TiO2 production facility in Valleyfield, Quebec," stated Roy Bonnell, President and CEO. "We are working toward securing financing for this project," Mr. Bonnell continued, "and are in active discussions with potential lenders and investors."
About Argex Titanium Inc.
ARGEX Titanium Inc. is a near-term producer of Titanium Dioxide (TiO2) pigment. With a primary goal of advancing rapidly towards production, Argex has adopted a strategy for the scale-up of its proprietary chemical process. Argex is pleased to have selected Valleyfield, Quebec as the location for its Research & Development centre and first industrial-sized production facility. The location of the site can be viewed at Argex Valleyfield.
This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Argex, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Argex will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Argex's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in Argex's Annual Information Form for the fiscal year ended December 31, 2013, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. Argex does not intend, nor does Argex undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
SOURCE Argex Titanium Inc.For further information:
Roy Bonnell, President and Chief Executive Officer
Argex Titanium Inc.
514 843-5959 ext. 109
The Howard Group
Sun International Communications