On March 16, 2017, Argex Titanium Inc. (“Argex”), a company listed on the Toronto Stock Exchange, completed a private placement by issuing a total of 32,722,237 units at a price of $0.054 per unit, for total proceeds to Argex of $1,767,000. Each of the units is comprised of one common share and one-quarter of a common share purchase warrant; each full warrant entitles its holder to acquire one additional Argex common share at a price of $0.12 for a period of 18 months.
Argex intends to use the net proceeds from the private placement to complete detailed engineering for its titanium dioxide project, to compile data for a bankable report, and for working capital.
Argex has developed an advanced chemical process for the volume production of high-grade titanium dioxide (TiO2) for use in high-quality paint, plastics, cosmetics and other TiO2 applications. Argex’s unique proprietary process uses relatively inexpensive and plentiful source material from a variety of potential vendors to produce TiO2, along with other valuable by-products. Argex’s process provides a significant cost and environmental advantage over current legacy TiO2 production methods.
Fasken Martineau, with a team comprised of Neil Wiener and Guillaume Saliah, acted as legal counsel to Argex in connection with the private placement.