Proceeds to be used for mineral exploration program in Patagonia
By Angela McDaniels
Tacoma, Wash., May 26 - Argentex Mining Corp. plans to sell up to C$20 million units in a private placement. Up to 17,391,304 units will be sold for C$1.15 each.
The company has engaged an agent that will lead a syndicate for the best-efforts placement, according to a company news release.
Each unit consists of one common share and one half of a non-transferable warrant. Each whole warrant will be exercisable for two years at a strike price of C$1.70 per share, which is a 40.5% premium to the company's C$1.21 closing share price on May 25.
The placement is expected to settle on June 21.
The proceeds will be used to fund the company's exploration program at its mineral properties in the Patagonia region of Argentina, for working capital and for general corporate purposes.
Argentex is a mineral resource company based in Vancouver, B.C.
| Issuer: | Argentex Mining Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | Up to C$20 million
|
| Units: | Up to 17,391,304
|
| Price: | C$1.15
|
| Warrants: | Half a warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.70
|
| Agent: | Yes
|
| Pricing date: | May 26
|
| Settlement date: | June 21
|
| Stock symbol: | TSX Venture: ATX
|
| Stock price: | C$1.21 at close May 25
|
| Market capitalization: | C$71.77 million
|
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