Argex Titanium (CVE:RGX) says it has recieved final approval to graduate to the Toronto main board, with the listing of its shares on the TSX to start on Thursday, under the same symbol "RGX".
Its shares will therefore be delisted from the TSX Venture Exchange following the close of trading today.
"This is a significant step for Argex and its shareholders," said president and CEO Roy Bonnell, in a statement Wednesday. "The TSX is Canada's senior stock exchange, and this move will open the door to a broader range of international and institutional investors."
Earlier this week, the near-term producer of titanium dioxide, with plans for an industrial-sized plant in the works, said it successfully raised $10 million in recent weeks. It closed a $5 million non brokered private placement with a U.S. based investment fund manager and current shareholder on Monday, which followed a $5 million financing in late August with Ressources Québec, a subsidiary of Investissement Québec.
Argex has a proprietary mineral extraction process that allows it to produce high purity, or 99.8 per cent pure, pigment-grade titanium dioxide directly from run-of-mine material at its deposits. The company, which already has a supply agreement with PPG Industries (NYSE:PPG), is working to scale up this closed-loop process, which is environmentally friendly and produces minimal inert tailings.
It has chosen Valleyfield, Quebec as the location for its research and development centre, and the first industrial-sized production facility.
Titanium dioxide is an inorganic substance characterized by brightness and very high refractive index, making it an ideal pigment in paints, plastics and paper. The junior Canadian resource company is developing the advanced stage La Blache titaniferous magnetite project, and also owns the Lac Brûlé high grade ilmenite and the Mouchalagane iron ore projects, which are all located on Quebec’s North Shore.
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