Argex Titanium Inc. announced its plan for a non-brokered private placement of Can$10 million. This private placement would be for Ressources Qubec and a U.S.-based investment fund manager, who is a current shareholder of Argex. Ressources Qubec was a subsidiary of Investissement Qubec.
"We are confident that both participants in this private placement will play an increasingly important role as Argex continues to advance towards production," said Argex's President and Chief Executive Officer Roy Bonnell.
According to the letter of intent, the two subscribers would invest Can$5 million each. A total of 9,756,098 common shares would be issued at a price of Can$1.025 per share. This purchase price represented the volume-weighted average closing price of the company's shares as posted on the TSX Venture Exchange, 20 days before the date of signing of the letters of intent.
The private placement was expected to close early in August 2013, pending regulatory approval as well as the signing of the definitive subscription agreements.
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