PP Closed, expanded, and next steps should be funded to H2 And the PP has been expanded for an extra $300k. That'll keep the lights on.
Now time to get some deals in place and move this ticker up!
(News release verbatim below)
Montral, Qubec (FSCwire) - Argex Titanium Inc. (TSX: RGX) (“Argex”) is pleased to announce that it has held a second closing of its previously-announced private placement at which it issued an aggregate of 15,609,940 “hard-dollar” units (“HD Units”) to “accredited investors” at a price of $0.05 per unit for gross proceeds to Argex of $780,497.
Each of the HD Units is comprised of one common share and one common share purchase warrant. Each full warrant entitles its holder to acquire one additional Argex common share at a price of $0.06 for a period of 24 months.
Argex will use the net proceeds from the sale of the HD Units for engineering and working capital.
To date, Argex has issued an aggregate of 25,059,940 HD Units in its private placement for gross proceeds to Argex of $1,252,997 as well as 6,400,000 “flow-through” units for gross proceeds of $320,000. Argex expects to hold a final closing of the private placement shortly, subject to a revised aggregate maximum of 31,100,000 HD Units ($1,555,000).
“We are pleased with the interest that our private placement has generated. This financing will provide Argex with the necessary flexibility to continue its operations and focus on the financing and the construction of our Technology Center. Our goal of becoming a low-cost producer of TiO2 pigments and a preferred technology provider to TiO2 producers is more achievable than ever, given favorable conditions in the Ti02 industry to embrace cleaner technologies using the chloride process”, stated Mazen Alnaimi, Argex’s Chairman and CEO.
At the second closing, Argex issued an aggregate of 255,298 “broker warrants” to various securities dealers, representing an amount equal to 7% of the number of HD Units sold through such dealers. Each of the “broker warrants” entitles its holder to purchase one additional Argex common share at a price of $0.05844 for a period of 24 months.
The securities issued at the second closing of the private placement are subject to a four-month “hold period” under applicable securities regulations.