Argex Mining (CVE:RGX) has completed a private financing which raised $5.02 million, the company said Thursday.
offering, which was announced last month, issued 5.4 million shares to a
U.S.-based investment fund manager and current shareholder of Argex.
Argex priced the issued shares at 93 cents each.
No warrants were part of this private placement, the company said.
Montreal-based mineral explorer said it would use the proceeds for
working capital and general corporate purposes. No commission was paid
in connection with the private placement.
"We are very pleased
that an important U.S.-based investment fund has increased its
shareholdings in Argex," said Argex chief executive Roy Bonnell.
decision to invest in Argex is a sign of its confidence in our company,
which is to advance towards production of titanium dioxide."
securities issued are subject to four month hold periods that expire
November 6, 2012. Argex has 115.4 million shares outstanding.
April, Argex struck a technical collaboration contract with PPG
Industries (NYSE:PPG) to develop and optimize PPG's technology for
The goal is to develop titanium dioxide
products, to be produced by Argex, that meet conventional standards for
interior and exterior paint and coatings applications.
Argex is a
junior Canadian resource company that is developing the advanced stage
La Blache titaniferous magnetite project. It also owns the Lac Brûlé
high grade ilmenite and the Mouchalagane iron ore projects, which are
all located on Quebec’s North Shore.
Argex recently achieved a
"milestone breakthrough" for the iron recovery circuit at its pilot
plant in Mississauga, Ontario, where its patented CTL process is running
The company hopes to scale-up its proprietary,
hydrometallurgical CTL process that allows it to produce high purity,
"pigment-grade" titanium dioxide directly from run-of-mine material at
its 100 per cent owned deposit.
The process is running continuously at the mini-plant in Mississauga, Ontario.