Argex to issue 17.5 million shares, warrants

Highly prospective exploration company

Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.

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Argex to issue 17.5 million shares, warrants

posted on Jan 20, 2011 10:04AM

Argex to issue 17.5 million shares, warrants

2011-01-20 08:07 ET - News Release

Mr. Michael Dehn reports

ARGEX MINING OBTAINS RECEIPT FOR FINAL PROSPECTUS

Argex Mining Inc. has obtained a receipt for its final prospectus dated Jan. 17, 2011, filed in the provinces of Ontario, Quebec, Alberta and British Columbia. The prospectus qualifies for distribution 17.5 million common shares and common share purchase warrants of Argex, issuable upon the exercise of 17.5 million special warrants previously issued by Argex. The 17.5 million special warrants will be automatically exercised at 5 p.m. (Montreal time) on Jan. 26, 2011, being the fifth business day after the date of issuance of the receipt for the prospectus. Each common share purchase warrant will entitle its holder to acquire one additional common share of Argex at a price of 52 cents until Sept. 29, 2014.

As previously announced, Argex issued the special warrants by way of private placement on Sept. 29, 2010, at a price of 30 cents per special warrant, resulting in gross proceeds to Argex of $5.25-million. MGI Securities Inc. acted as agent for the private placement.

As the date hereof there are 57,221,800 common shares of Argex issued and outstanding. After giving effect to the conversion of the special warrants into common shares and warrants of Argex, there will be 74,721,800 common shares of Argex issued and outstanding.

A National Instrument 43-101-compliant technical report completed by Consul-Teck of Val d'Or has been filed on SEDAR in conjunction with the prospectus. Argex has contracted Met-Chem of Montreal to complete a National Instrument 43-101-compliant resource report as previously announced, which is expected in the first quarter of 2011.