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.
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