MONTREAL, Feb. 26 /CNW Telbec/ - Argex Silver Capital Inc.("Argex" or the "Company") reports that it has completed a non-brokered private placement and has issued 3,844,000 units ("Unit") at a price of $0.25 per Unit, for total gross proceeds of $961,000. Total shares outstanding following this private placement will be 55,745,000.
Each Unit consists of one common share ("Share") and one common share purchase warrant ("Warrant"). Each Warrant allows the holder to subscribe for one Share at a price of $0.40 for a period of two years from the subscription date. The Units will be subject to a four-month hold period.
Argex paid $53,400 in commissions and finder's fees, and issued 269,000 Broker Warrants in connection with this private placement, in accordance with the rules and regulations of the TSXV. The Broker Warrants are units of a share at $0.25 and a warrant at $0.40, valid for 2 years from closing. Conditional acceptance to this private placement was issued by the TSX Venture Exchange on February 12, 2010.
The Company intends to utilize the proceeds from the private placement principally for metallurgical and exploration development as well as general working capital purposes.
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
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: For further information: Michael Dehn, President & CEO, (647) 477-2382