MATRIX Penny Stocks

[Abondanceinvest]

Argex Mining completes $5.02-million private placement
V:RGX - ARGEX MINING INC. - http://www.argex.ca

2012-07-05 13:38 ET - News Release


Mr. Roy Bonnell reports

ARGEX COMPLETES $5 MILLION NON-BROKERED PRIVATE PLACEMENT

Argex Mining Inc. has completed its previously announced private placement by issuing 5.4 million common shares to a U.S.-based investment fund manager and current shareholder of Argex. The common shares were issued at a price of 93 cents per share for total gross proceeds to Argex of $5,022,000. No warrants were issued as part of this private placement.

Argex will use the proceeds from the private placement for working capital and general corporate purposes.

No commission was paid in connection with the private placement.

"We are very pleased that an important U.S.-based investment fund has increased its shareholdings in Argex," said Roy Bonnell, president and chief executive officer of Argex. "The decision to invest in Argex is a sign of its confidence in our company and our business plan, which is to advance toward production of titanium dioxide. I would like to thank our investor for its support of Argex," Mr. Bonnell continued.

The securities issued at closing are subject to a four-month hold period expiring on Nov. 6, 2012, under applicable securities legislation and the policies of the TSX Venture Exchange. As a result of the closing, there are 115,426,496 common shares of Argex issued and outstanding.