/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
MONTREAL, Jan. 20 /CNW Telbec/ - Argex Mining Inc. ("Argex") (TSX-V: RGX) (FSE: ASV) (OTCBB: ARGEF) is pleased to announce that it has obtained a receipt for its final
prospectus dated January 17, 2011, filed in the provinces of Ontario,
Québec, Alberta and British Columbia. The prospectus qualifies for
distribution 17.5 million common shares and common share purchase
warrants of Argex, issuable upon the exercise of 17.5 million special
warrants previously issued by Argex. The 17.5 million special warrants
will be automatically exercised at 5:00 p.m. (Montreal time) on
January 26, 2011, being the fifth business day after the date of
issuance of the receipt for the prospectus. Each common share purchase
warrant will entitle its holder to acquire one additional common share
of Argex at a price of $0.52 until September 29, 2014.
As previously announced, Argex issued the special warrants by way of
private placement on September 29, 2010 at a price of $0.30 per special
warrant, resulting in gross proceeds to Argex of $5,250,000. MGI
Securities Inc. acted as agent for the private placement.
As the date hereof there are 57,221,800 common shares of Argex issued
and outstanding. After giving effect to the conversion of the special
warrants into common shares and Warrants of Argex, there will be
74,721,800 common Shares of Argex issued and outstanding.
A NI 43-101 compliant technical report completed by Consul-Teck of Val
d'Or has been filed on SEDAR in conjunction with the prospectus. Argex
has contracted Met-Chem of Montreal to complete a NI 43-101 compliant
resource report as previously announced, which is expected in the first
quarter of 2011.
About MGI Securities Inc.
MGI is an integrated Canadian investment dealer offering professional
wealth management solutions for individual investors, a comprehensive
range of specialized services for institutional investors, and
corporate finance advisory services for issuers, including mergers and
acquisitions, equity underwritings, corporate restructuring, structured
financings, market research, and business valuation services. MGI is
based in Toronto, with additional offices in Winnipeg, Saskatoon,
Calgary and London, Ontario. MGI is a member of IIROC and is a
subsidiary of Jovian Capital Corporation (TSX: JOV.TO). MGI has
approximately $1.3 billion in client assets under administration.
About Argex Mining Inc.
Argex is a junior titanium, iron, vanadium and magnesium explorer with
projects in Québec, Canada. Headquartered in Montreal, Québec, the
Company is committed to the interests of its shareholders, with plans
to rapidly advance towards titanium production at the 100%-owned La
Blache deposit located near Baie-Comeau, Québec. Argex also owns 100%
of the Mouchalagane Iron Ore project, 380 kilometres north of
Baie-Comeau, Québec and of the same type of deposit as ore bodies
currently being mined by Québec Cartier Mining's (Arcelor Mittal) Fire
Lake Mine and Consolidated Thompson's Bloom Lake Mine. Recently, Argex
expanded its land holdings near Baie-Comeau, Québec surrounding
Consolidated Thompson's Lac Brûlé Titanium-Iron-Vanadium deposit. For
additional information, please visit our website at www.argex.ca.
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 MINING INC.
For further information:
Michael Dehn, President and CEO
Argex Mining Inc.
Paradox Public Relations at 514-341-0408 or 1-866-460-0408