Warrant holders renounce their rights (cnw)
MONTREAL, May 9, 2012 /CNW Telbec/ - Argex Mining Inc. ("Argex") (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) announced today that all of the holders (the "Holders") of the milestone warrants (the "Milestone Warrants") issued in connection with Argex's qualifying transaction on October 30th, 2009, have renounced their right to exercise the Milestone Warrants and returned said Milestone Warrants to Argex for cancellation.
A total of 16,000,000 Milestone Warrants, each of which were convertible into one common share of Argex, have consequently been cancelled.
In other news, Argex announced that it will issue 100,000 common shares to Exploration Esbec Inc. ("Esbec") as consideration for the purchase by Argex of the 3% net smelter royalty ("NSR") owned by Esbec on the Lac Brûlé claims which were purchased by Argex from Quinto Mining Corporation on March 21st, 2012. The shares are the only consideration for the NSR purchase.
As a result of the NSR acquisition, there are 109,988,996 common shares of Argex issued and outstanding. Under the applicable securities legislation, the securities issued to Esbec are subject to a four-month hold period expiring on September 10th, 2012.
As a result of both the NSR acquisition and the cancellation of the Milestone Warrants, there are 135,453,671 common shares of Argex on a fully diluted basis.
About Argex Mining Inc.
ARGEX MINING INC. is a near-term producer of commodities that the world needs: Titanium Dioxide, Iron and Vanadium Pentoxide. 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 TiO2 directly from run-of-mine material from its 100%-owned deposit.
The process is running continuously at a mini-plant in Mississauga, Ontario. The closed-loop process is environmentally friendly and produces minimal inert tailings.
Additionally, the Company owns 100% of the Mouchalagane property, which is a large Labrador Trough iron ore property that represents further potential upside for Argex's shareholders.
