DGAP-News: Argentex Mining signs securities purchase agreement with IFC for equity investment of $7,347,200
(firmenpresse) - Argentex Mining Corporation / Key word(s): Contract
27.09.2010 15:02
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Argentex Mining signs securities purchase agreement with IFC for equity
investment of $7,347,200
Vancouver, B.C., September 24, 2010 -- Argentex Mining Corporation
('Argentex') (WKN: A0B9RY, ISIN: US04012E1073) is pleased to announce that
it has signed a definitive agreement with IFC. IFC, a member of the World
Bank Group, has agreed to invest in a private placement for gross proceeds
of Cdn$7,347,200.
'Argentex is very pleased to welcome IFC as a major stakeholder,' said Ken
Hicks, President of Argentex. 'We look forward to working with them to
ensure that continued progress at our Pinguino mineral exploration project
in Argentina follows globally recognized best practices for the mineral
exploration industry, the environment and for working with local
communities.'
Argentex intends to use the proceeds of the private placement to fund
exploration and development activities at Pinguino and other properties in
the Patagonia region of Argentina, as well as for working capital and
general corporate purposes.
Argentex anticipates that this private placement should close in October.
Closing continues to be subject to conditions, including approval by the
TSX Venture Exchange.
In the private placement, IFC will purchase 10,804,706 Units (the 'Units')
at a price of Cdn $0.68 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$1.14 for a period of five years after
closing.
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, the warrants will be
non-transferable by their terms during the first 30 months, subject to
certain exceptions.
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 Argentex's proposed use of the
proceeds of the private placement and the anticipated date of closing .
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.
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.
27.09.2010 15:02 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Datum: 27.09.2010 - 15:02 Uhr
Sprache: Deutsch
News-ID 32258
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