Warrant holders renounce their rights
MONTREAL, May 9, 2012 /CNW Telbec/ - Argex Mining Inc. ("Argex") (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) announced today that all of the holders (the "Holders") of the milestone warrants (the "Milestone Warrants") issued in connection with Argex's qualifying transaction on October 30th, 2009, have renounced their right to exercise the Milestone Warrants and returned said Milestone Warrants to Argex for cancellation.
A total of 16,000,000 Milestone Warrants, each of which were convertible into one common share of Argex, have consequently been cancelled.
In other news, Argex announced that it will issue 100,000 common shares to Exploration Esbec Inc. ("Esbec") as consideration for the purchase by Argex of the 3% net smelter royalty ("NSR") owned by Esbec on the Lac Brûlé claims which were purchased by Argex from Quinto Mining Corporation on March 21st, 2012. The shares are the only consideration for the NSR purchase.
As a result of the NSR acquisition, there are 109,988,996 common shares of Argex issued and outstanding. Under the applicable securities legislation, the securities issued to Esbec are subject to a four-month hold period expiring on September 10th, 2012.
As a result of both the NSR acquisition and the cancellation of the Milestone Warrants, there are 135,453,671 common shares of Argex on a fully diluted basis.
About Argex Mining Inc.
ARGEX MINING INC. is a near-term producer of commodities that the world needs: Titanium Dioxide, Iron and Vanadium Pentoxide. 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 from its 100%-owned deposit.
The process is running continuously at a 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 Argex's shareholders.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as "about", "approximately", "may", "believes", "expects", "will", "intends", "should", "plans", "predicts", "potential", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof or other comparable terminology. Forward-looking statements are based on the best estimates available to Argex Mining Inc. ("Argex") at this time and involve known and unknown risks, uncertainties and other factors that may cause Argex's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting Argex's business and activities appears under the heading "Risk Factors" in Argex's Amended and Restated Annual Information Form dated January 14, 2011 for the fiscal year ended December 31, 2009, and under the heading "Risk Factors" in Argex's Management's Discussion and Analysis of the Financial Condition and Results of Operations for the fiscal year ended December 31, 2010, both of which are available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that Argex will derive therefrom. In particular, no assurance can be given as to the future financial performance of Argex. The forward-looking information contained in this press release is made as of the date hereof and Argex undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward-looking statements.
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SOURCE ARGEX MINING INC.