This release is intended for distribution in Canada only and is not intended for
distribution to United States
newswire services or for dissemination in the United States.
MONTREAL,
Aug. 22, 2013 /CNW Telbec/ - Argex
Titanium Inc. (TSXV: RGX) ("Argex") is pleased to announce that
it has completed its previously announced $5 million non-brokered private placement
with Ressources Québec Inc. ("Ressources Québec"), a subsidiary of
Investissement Québec. Argex issued a total of 4,878,049 common
shares to Ressources Québec at a price of $
1.025 per share, which represents the volume-weighted
average closing price of Argex's shares on the TSX Venture Exchange
for the 20 trading days prior to the date of signing the Letter of
Intent on July 8, 2013. No warrants
were issued as part of this private placement.
"We are very pleased Ressources Québec has taken
this initial position in our company," Roy
Bonnell, President and Chief Executive Officer of Argex,
commented. "Ressources Québec has indicated in this process its
interest in participating in the project financing of the full
scale production at the first industrial-sized plant in
Valleyfield, Québec. We are
confident Ressources Québec will be a very important partner as we
move forward."
The shares issued at closing are subject to a
four-month "hold period" under applicable Canadian securities
legislation and the policies of the TSX Venture Exchange. Upon
closing of the private placement, there are 126,812,220 common
shares of Argex issued and outstanding.
The remaining $5M
private placement from a U.S. based investment fund manager and
current Argex shareholder is expected to close shortly but no later
than September 16, 2013.
About Investissement Québec
Investissement Québec's mission is to foster the
growth of investment in Québec, thereby contributing to economic
development and job creation in every region. The Corporation
offers businesses a full range of financial solutions, including
loans, loan guarantees and equity investments, to support them at
all stages of their development. It is also responsible for
administering tax measures and prospecting for foreign
investment.
About Argex Titanium Inc.
Argex Titanium Inc. is a near-term producer of
Titanium Dioxide (TiO2). 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 pigment-grade TiO2
directly from run-of-mine material. The closed-loop process is
environmentally friendly and produces minimal inert tailings.
Argex is pleased to have selected Valleyfield, Québec as the location for its
Research & Development centre and first industrial-sized
production facility. The location of the site can be viewed at
Argex Valleyfield.
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 the 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" 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, 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, 2012, 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.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Argex Titanium Inc.
