Argex Titanium Announces Grant of Management Cease Trade Order
Montreal, Québec (FSCwire) - Argex Titanium Inc. (TSX:RGX) (the “Corporation” or “Argex”) announces that it has been granted a management cease trade order (the “MCTO”) by its principal regulator, the Autorité des marchés financiers (the “AMF”), and as such, the AMF has accepted the Corporation’s request for such MCTO. As previously announced on March 16, 2016 by way of press release, the application for the MCTO was made by the Corporation in respect to the late filing of the Corporation’s annual financial statements, accompanying management’s discussion and analysis, related CEO and CFO certifications and annual information form for the financial year ended December 31, 2015 (collectively, the “Required Filings”), which were to be filed at the latest on March 30, 2016.
The MCTO restricts all trading in securities of the Corporation, whether direct or indirect, by the Chief Executive Officer, the Chief Financial Officer and the directors of the Corporation until such time as the Required Filings have been filed by the Corporation. The MCTO does not affect the ability of shareholders who are not insiders of the Corporation to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Corporation affecting all of the securities of the Corporation.
As previously announced, the Corporation was not in a position to timely file the Required Filings. Argex’s board of directors and its management confirm that they are working expeditiously to meet the Corporation’s obligations relating to the filing of the Required Filings, and the Corporation continues to expect to file the Required Filings no later than April 29, 2016.
The Corporation confirms that it will satisfy the provisions of the alternative information guidelines under Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default as a result of the late filing of Required Filings. During the period of default, the Corporation will issue bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Corporation confirms that there are no insolvency proceedings against it as of the date of this press release. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date of this press release.
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high grade titanium dioxide (TiO2) for use in high quality paint, plastics, cosmetics and other applications. The Corporation’s unique proprietary process takes relatively inexpensive and plentiful source material from a variety of potential vendors, and produces TiO2 along with other valuable by-products. Argex’s process provides a significant cost and environmental advantage over current legacy TiO2 production methods.
Contact:
Mazen Haddad
Director and Interim President and CEO
(514) 843-5959
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ARGEX03312016.pdf
Source: Argex Titanium Inc. (TSX:RGX) http://www.argex.ca/en/
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