Argex Titanium Inc. is pleased to announce that it has completed its previously announced $5 million non-brokered private placement with Ressources Québec Inc., a subsidiary of Investissement Québec.
Argex issued a total of 4,878,049 common shares to Ressources Québec at a price of $ 1.025 per share, which represents the volume-weighted average closing price of Argex’s shares on the TSX Venture Exchange for the 20 trading days prior to the date of signing the Letter of Intent on July 8, 2013. No warrants were issued as part of this private placement.
“We are very pleased Ressources Québec has taken this initial position in our company,” Roy Bonnell, President and Chief Executive Officer of Argex, commented. “Ressources Québec has indicated in this process its interest in participating in the project financing of the full scale production at the first industrial-sized plant in Valleyfield, Québec. We are confident Ressources Québec will be a very important partner as we move forward.”
The shares issued at closing are subject to a four-month “hold period” under applicable Canadian securities legislation and the policies of the TSX Venture Exchange. Upon closing of the private placement, there are 126,812,220 common shares of Argex issued and outstanding.
The remaining $5M private placement from a U.S. based investment fund manager and current Argex shareholder is expected to close shortly but no later than September 16, 2013.
About Investissement Québec
Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
About Argex Titanium Inc.
Argex Titanium Inc. is a near-term producer of Titanium Dioxide (TiO2). With a primary goal of advancing rapidly towards production, Argex has adopted a simple and low-risk strategy for the scale-up of its proprietary process that allows it to produce high-purity pigment-grade TiO2 directly from run-of-mine material. The closed-loop process is environmentally friendly and produces minimal inert tailings.
Middle East News
- Media Information: Autefa Solutions announces new agency for the Indian market
- Denimsandjeans India to discuss trend of unisex denim
- RBI keeps repo rate unchanged at 6%
- Maharashtra cabinet approves textile policy for 2018-23
- UAE has the lowest VAT regionally and globally
- Costs rise at sharpest pace for UAE’s private sector businesses
- Budget 2018-19: Customs duty on silk fabric hiked to 20%
- Reduction in tax for MSMEs to benefit TN textile firms
- Budget: TEA hails Rs 7148cr allocation for textile sector
- Indian textile industry hails budget with some scepticism
- Arvind Q3 revenue up 16% at Rs 2,706 crore
- Amazon infuses 1,950 cr fresh capital to India operations
- Indian brand Ekaya at Paris Haute Couture Week
- E-commerce platform for artisans in India's Kashmir
- SRTEPC honours RIL with 5 gold trophies
- Indian economy to grow at 7.3% in FY 2018-19: World Bank
- Wazir Advisors Introduction
- 10 Reasons to Invest in Textile Sector in India
- India’s Standing in Global Textile and Apparel Industry
- India: A Land of Opportunities
- Patterns, images and colors demanded in the Iranian carper markets
- CE certificate or sign on the carpet; Indicator of product quality or inaudible imprint of international clarification
- The classification of textile floorings In terms of fire-taking behavior according to the provisions of European Union
- Remain unknown the place of modern carpet design