MONTREAL, Dec. 13, 2012 /CNW Telbec/ - Argex Titanium Inc. (TSXV: RGX) ("Argex" or the "Company") would like to inform shareholders that it recently filed its financial
statements and management's discussion and analysis ("MD&A") for the
period ended September 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 September 30, 2012
As at September 30, 2012, the Company had cash of $1,853,096 and
short-term investments of $4,924,200, for a combined total of
Argex's working capital position as at September 30, 2012 was
On July 5, 2012, Argex closed a private placement by issuing 5,400,000
common shares at a price of $0.93 per share, for gross proceeds of
Total assets of the Company as at September 30, 2012 were $30,328,213.
At the end of Q3 2012, Argex had total equity attributed to shareholders
For the three-month period ended September 30, 2012, the Company
incurred total operating expenses of $1,559,376.
For the nine-month period ended September 30, 2012, Argex incurred total
operating expenses of $3,996,270.
Argex currently has no debt.
As at September 30, 2012, the Company had 116,385,671 common shares
issued and outstanding. With the closing price of $1.14 on Friday,
September 28, 2012, the market capitalization of Argex was $132.7
million at the end of Q3 2012.
As at September 30, 2012, there were 15,793,000 warrants outstanding (at
a strike price of $0.52 and expiry date of September 29, 2014) and
8,600,000 options outstanding (at an average strike price of $0.41); on
a fully-diluted basis, Argex had 140,778,671 shares outstanding as at
September 30, 2012.
Grant of Options
On December 6, 2012, Argex granted 243,000 options to an employee and a
consultant of the Company. These options expire on December 6, 2017 and
have an exercise price of $1.35 per share.
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 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 Company 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