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Thursday, 19 September 2013
Argex Titanium starts trading on TSX
Argex Titanium's (TSE:RGX) shares have begun trading on the Toronto Stock Exchange this morning, with the occasion to be marked by a listing ceremony for the graduation to the senior exchange on Tuesday, October 8.
President and chief executive Roy Bonnell, along with other members of the company's management team, will open the exchange on this date.
Its shares, which have been delisted from the TSX Venture Exchange, are trading under the same "RGX" symbol.
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.