• 5,400,000 common shares issued at a price of $0.93 per share
MONTREAL, July 5, 2012 /CNW Telbec/ - Argex Mining Inc. (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) has completed its previously-announced private placement by issuing
5,400,000 common shares to a U.S.-based investment fund manager and
current shareholder of Argex. The common shares were issued at a price
of $0.93 per share, for aggregate gross proceeds to Argex of
$5,022,000. No warrants were issued as part of this private placement.
Argex will use the proceeds from the private placement for working
capital and general corporate purposes.
No commission was paid in connection with the private placement.
"We are very pleased that an important U.S.-based investment fund, has
increased its shareholdings in Argex", said Roy Bonnell, President and
Chief Executive Officer of Argex. "The decision to invest in Argex is
a sign of its confidence in our company and our business plan, which is
to advance towards production of titanium dioxide. I would like to
thank our investor for its support of Argex." Mr. Bonnell continued.
The securities issued at closing are subject to a four-month "hold
period", expiring on November 6, 2012, under applicable securities
legislation and the policies of the TSX Venture Exchange. As a result
of the closing, there are 115,426,496 common shares of Argex issued and
About Argex Mining Inc.
ARGEX MINING INC. is a near-term producer of commodities that the world
needs: Titanium Dioxide, Iron and Vanadium Pentoxide. 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 TiO2 directly from run-of-mine material from its 100%-owned deposit.
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.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the
meaning of applicable securities laws. All information and statements
other than statements of historical facts contained in this press
release are forward-looking information. Such statements and
information may be identified by words such as "about",
"approximately", "may", "believes", "expects", "will", "intends",
"should", "plans", "predicts", "potential", "projects", "anticipates",
"estimates", "continues" or similar words or the negative thereof or
other comparable terminology. Forward-looking statements are based on
the best estimates available to Argex at this time and involve known
and unknown risks, uncertainties and other factors that may cause
Argex's actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. A description
of the risks affecting Argex's business and activities appears under
the heading "Risk Factors" in Argex's Amended and Restated Annual
Information Form dated January 14, 2011 for the fiscal year ended
December 31, 2009, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the
forward-looking information in this press release will transpire or
occur, or if any of them do so, what benefits that Argex will derive
therefrom. In particular, no assurance can be given as to the future
financial performance of Argex. The forward-looking information
contained in this press release is made as of the date hereof and Argex
undertakes no obligation to publicly update such forward-looking
information to reflect new information, subsequent or otherwise, unless
required by applicable securities laws. The reader is warned against
placing undue reliance on these forward-looking statements.
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 MINING INC.
For further information:
Roy Bonnell, President and Chief Executive Officer
Argex Mining Inc.
Argex Mining Inc.
The Howard Group
Sarah Moreau, Consultant, Financial & Regulatory Affairs
514 395-0375, ext.234