Private placement funds slated for study work on the La Blache Project
By Devika Patel
Knoxville, Tenn., Sept. 29 - Argex Mining Inc. said it completed an oversubscribed private placement of special warrants. The deal priced for C$3.6 million with a C$400,000 greenshoe on Aug. 16.
The company sold 17.5 million special warrants at C$0.30 each for C$5.25 million. The per-warrant price is identical to the Aug. 13 closing share price. MGI Securities Inc., the agent, sold the warrants on a best-efforts basis.
The special warrants are convertible into units of one common share and one warrant, with each warrant exercisable at C$0.52 until Sept. 29, 2014. The strike price is a 73.33% premium to the Aug. 13 closing share price, C$0.30.
Proceeds will be used for ongoing metallurgical, engineering and development projects, working capital and general corporate purposes.
"The proceeds from this private placement will allow Argex to accelerate its engineering and scoping study work on the La Blache Project, which Argex intends to have ready for mini-plant work in 2011," president and chief executive officer Michael Dehn said in a press release.
Argex Mining, formerly Argex Silver Capital Inc., is a Montreal-based mining exploration company.
| Issuer: | Argex Mining Inc.
|
| Issue: | Special warrants convertible into units of one common share and one warrant
|
| Amount: | C$5.25 million
|
| Warrants: | 17.5 million
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | Sept. 29, 2014
|
| Warrant strike price: | C$0.52
|
| Agent: | MGI Securities Inc.
|
| Pricing date: | Aug. 16
|
| Settlement date: | Sept. 29
|
| Stock symbol: | TSX Venture: RGX
|
| Stock price: | C$0.29 at close Aug. 16
|
| Market capitalization: | C$22.74 million
|
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