DGAP-News: Argentex Mining Corp Announces Cdn$7,347,200 Proposed Investment with IFC
(firmenpresse) - Argentex Mining Corporation / Miscellaneous
01.06.2010 14:16
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Argentex Mining Corp Announces Cdn$7,347,200 Proposed Investment with IFC
Vancouver, B.C., June 1, 2010 -- Argentex Mining Corporation ('Argentex')
(WKN: A0B9RY, ISIN: US04012E1073) is pleased to announce that it has agreed
to the terms of a private placement with IFC, a member of the World Bank
Group focused on private sector investments in developing countries.
In the mining sector, IFC provides equity and loan financing for
exploration and mining companies to advance projects that have the
potential to provide long term economic benefits to countries and local
communities. IFC offers an integrated approach that combines financing with
industry expertise and assistance in maximizing projects' social benefits
while minimizing their environmental footprints.
IFC's proposed investment in Argentex contemplates that Argentex will sell
to IFC 9,184,000 units (the 'Units') at a price of Cdn $0.80 per Unit for
gross proceeds of Cdn$7,347,200. Each Unit will consist of one common
share of Argentex (each a 'Unit Share') and one common share purchase
warrant (a 'Warrant'). Each Warrant will entitle the purchaser to purchase
one additional common share of Argentex (each a 'Warrant Share') at a price
of Cdn$1.34 for a period of five years after closing.
Argentex anticipates that this private placement should close on or before
July 31, 2010. Closing of this financing is subject to conditions,
including IFC due diligence, approval by IFC's Board of Directors, approval
of the TSX Venture Exchange and the negotiation and execution of definitive
agreements.
'We look forward to having an experienced investor such as IFC make the
largest single investment in our company's history,' said Ken Hicks,
President of Argentex. 'IFC is a long term investor with an impressive
track record of making successful equity investments in developing
countries. Their value-added business approach to investment as well as
their confidence in both the Argentex organization and our properties is
very positive.'
Except as specified in this press release, none of the securities to be
offered or sold in this private placement have been or will be registered
under the United States Securities Act of 1933, as amended (the 'Act'), and
none of them may be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements
of the Act.
Each of the Unit Shares and the Warrant Shares will be a 'restricted
security' under the Act and will be subject to a hold period of at least
six-months from the date they are issued. In addition, these securities
will be subject to a hold period of four months and one day after closing
under applicable Canadian securities laws and the requirements of the TSX
Venture Exchange. The Warrants will also be restricted securities subject
to these restrictions but, in addition, these securities will be
non-transferable bytheir terms during the first 30 months.
Argentex intends to use the proceeds of the private placement to fund
exploration and pre-feasibility activities at its properties in the
Patagonia region of Argentina, as well as for working capital and for
general corporate purposes.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. IFC fosters sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. In fiscal 2009, IFC's new
investments totaled $US14.5 billion, helping channel capital into
developing countries during the financial crisis. For more information,
visit www.ifc.org.
About Argentex Mining Corporation
Argentex Mining Corporation is a Delaware corporation. It is a junior
mining company in the exploration stage with significant holdings in the
Patagonia region of Argentina. In total, the company owns 100% mineral
rights to more than 35 properties with approximately 141,020 hectares of
prospective land located in the Santa Cruz and Rio Negro provinces of
Argentina, including the Pinguino property. Shares of Argentex common
stock trade under the symbol AGXM on the OTCBB and on the TSX Venture
Exchange under the symbol ATX. Argentex also trades in Germany under WKN
A0B9RY and ISIN US04012E1073.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FURTHER INFORMATION:
Ken Hicks, President
Argentex Mining Corporation
+49 (0) 40 41 33 09 50
info(at)argentexmining.com
Statements in this news release that are not historical facts are
forward-looking statements that are subject to risks and uncertainties.
Words such as 'expects', 'intends', 'plans', 'may', 'could', 'should',
'anticipates', 'likely', 'believes' and words of similar import also
identify forward-looking statements. Forward-looking statements in this
news release include statements about whether and when the proposed
investment by International Finance Corporation will be approved and
completed and whether the conditions to completion can be satisfied,
including IFC due diligence, approval by IFC's Board of Directors, approval
of the TSX Venture Exchange and the negotiation and execution of definitive
agreements.' Actual results may differ materially from those currently
anticipated due to a number of factors beyond the Company's control. These
risks and uncertainties include, among other things, the risk that Argentex
or the nature or amount of the proposed investment will not be approved by
IFC, as well as risks that are inherent in Argentex's operations including
the risk that it might not find any minerals in commercially feasible
quantity or raise funds sufficient to prosecute its exploration plans.
These and other risks are described in the Company's Annual Report on Form
10-K and other filings with the Securities and Exchange
Commission.
Kontakt:
Björn Junker
IR / PR-Beauftragter Europa
Tel.: +49 (0)40 / 41 33 09 50
Fax: +49 (0)40 / 41 33 09 55
e-Mail: junker(at)bjoernjunker.de
01.06.2010 14:16 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 01.06.2010 - 14:16 Uhr
Sprache: Deutsch
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