Argex Titanium Provides Update on $3.5 Million Private Placement
MONTREAL, Québec (FSCwire) - MONTREAL, Québec – July 31, 2017 – Argex Titanium Inc. (TSX: RGX) (“Argex”) is providing an update on its private placement of a maximum of 46,666,666 units at a price of $0.075 per unit, for maximum gross proceeds to Argex of $3.5 million. Argex has extended the closing date of the private placement and expects the private placement closing to take place by mid-August 2017.
Argex has also engaged Robson Capital Partners Corp. of Vancouver as its non-exclusive sales, marketing and administrative agent in connection with the private placement. Robson Capital will assist Argex in finding subscribers for the private placement, on a best-efforts basis. The units are being offered to “accredited investors” in some or all of the provinces of Canada and in other jurisdictions, if any, determined by Argex.
Each of the units will be comprised of one common share and one-half of a common share purchase warrant; each full warrant will entitle its holder to acquire one additional Argex common share at a price of $0.13 for a period of 18 months from the closing date. In the event that the closing price of Argex’s common shares on the Toronto Stock Exchange is at least $0.15 for a period of not less than 20 consecutive trading days, the warrants will expire, at the sole discretion of Argex, on the 30th day after the date on which Argex sends a notice in prescribed form to the holders of the warrants.
Argex will use the net proceeds from the private placement to complete FEL-2 engineering and a technology package for its titanium dioxide (TiO2) project.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, and these securities will not be offered or sold in any jurisdiction in which their offer or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws of the United States. Accordingly, these securities will not be offered or sold to persons within the United States unless an exemption from the registration requirements of the 1933 Act and applicable state securities laws is available.
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 TiO2 applications. The Corporation’s unique proprietary process uses relatively inexpensive and plentiful source material from a variety of potential vendors to produce TiO2, along with other valuable by-products. Argex’s process provides a significant cost and environmental advantage over current legacy TiO2 production methods.
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Forward-Looking Statements
This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of Argex, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including closing of the private placement referred to above, or if any of them do so, what benefits Argex will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Argex's control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in Argex’s Annual Information Form for the fiscal year ended December 31, 2016, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. Argex does not intend, nor does Argex undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Contact:
Mazen Alnaimi
Chairman and Chief Executive Officer
info@argex.ca
Gladys Caron
Corporate Communications and Investor Relations
Gladys.caron@argex.ca
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ArgexJuly312017.pdf
Source: Argex Titanium Inc. (TSX:RGX)
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