Argus Metals Corp. Completes Private Placement and Debt Settlement
25.06.2013 | Marketwire
VANCOUVER, June 25, 2013 - Argus Metals Corp. (the "Company") (TSX VENTURE:AML) announces that further to its news release of May 31, 2013:1. The TSX Venture Exchange has approved the Company's private placement. The Company raised an aggregate $80,000 through issuance of 1,600,000 units at a price of $0.05 per unit ("Unit"). Each Unit consists of one common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share of the Company until June 21, 2016 at a price of $0.10 per share. No finder's fees were paid in connection with the private placement funding. The securities issued in relation to this private placement are subject to a four-month hold period expiring October 21, 2013. The proceeds of the private placement will be used for general working capital purposes, exploration on the Ike project and project due diligence and acquisition.
2. The Company has received TSX Venture approval to settle debt in the amount of $135,670 owed to six creditors through the issuance of an aggregate 2,713,997 common shares of the Company at a deemed price of $0.05 per share. Of the total debt, $84,275 representing an aggregate of 1,685,500 shares has been issued to three insiders at the deemed price of $0.05 per share. All shares issued to the Company's creditors are subject to a hold period expiring on October 21, 2013.
3. Effective June 20, 2013, Simon Clarke has resigned as a director of the Company. The Board would like to thank Mr. Clarke for his hard work on behalf of the Company and wish him well on his further endeavors.
ON BEHALF OF THE BOARD OF DIRECTORS
Paul D. Gray
President and CEO
Neither 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Contact
Argus Metals Corp.
Paul D. Gray, President and CEO
604-687-2471
www.argusmetalscorp.com