MONTREAL, Feb. 17, 2015 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex" or the "Company") today announced that it has received completed technical due diligence reports associated with the financing (the "Financing") of Argex's first industrial scale titanium dioxide (TiO2) plant (the "Plant") to be located in Valleyfield, Quebec.
The technical due diligence reports were prepared by two teams of external industry experts who were engaged by the Company's debt and leading equity financing sponsors. Over a period of five months, the diligence teams evaluated Argex's technological process, Plant construction methodology, capital budget and plan, its manufacturing and procurement processes, marketing and operations plans, and its ongoing operating financial model. These key components to Argex's business were thoroughly analyzed and compared to industry and technology benchmarks.
Argex and its financial sponsors consider this stage of the Financing complete, and are now focused on the remaining steps toward completion of the Financing.
"We are pleased to have passed this major financing milestone" stated Roy Bonnell, President and Chief Executive Officer of Argex, "The technical diligence on behalf of the financial sponsors, has been demanding and thorough and has contributed positively to the development of our financing process and our strategy of risk mitigation".
