Argex Mining Inc. (CVE:RGX) said holders of "milestone warrants" Wednesday renounced their right to exercise their options, and also purchased a net smelter royalty.
The 16 million milestone warrants, which were convertible into one common share of Argex Mining, have been cancelled.
warrants were issued in connection with Argex’s October 30, 2009
acquisition of mining claims in the Baie-Comeau region of north-eastern
Quebec from vendor 7013833 Canada Corp.
Separately, Argex also
announced it will issue 100,000 common shares to Exploration Esbec, for a
three percent net smelter royalty owned by Esbec on the Lac Brule
The securities issued to Esbec are subject to a four-month hold period which expires on September 10, 2012.
a result of both the net smelter royalty deal and cancellation of
milestone warrants, Argex has about 135.4 million shares on a fully
The company owns 100 percent of the Mouchalagane
property, which is a large Labrador Trough iron ore property. It is a
near-term producer of titanium dioxide, iron and vanadium pentoxide.
dioxide is an inorganic substance characterized by brightness and very
high refractive index, making it an ideal pigment in paints, plastics
Argex is a junior Canadian resource company developing
the advanced stage La Blache titaniferous magnetite project, and also
owns the Lac Brule high grade ilmenite project, which are all located on
Quebec’s North Shore.