Mr. Mazen Haddad reports

ARGEX TITANIUM UPDATES ON PRIVATE PLACEMENT OF SECURED CONVERTIBLE NOTES

Argex Titanium Inc. has provided an update on the private placement offering of secured convertible notes for minimum gross proceeds of $1.6-million and maximum gross proceeds of $2.4-million at a subscription price of $1,000 per note.

As of today, the private placement has been fully subscribed and the closing is expected in July, 2016.

Each note will be convertible at the option of the holder into 33,333 common shares of the corporation at an issue price of three cents each and 28,333 warrants to purchase additional shares at any time at a price of five cents each over a five-year term. Unless converted prior thereto, the notes will mature in two years from the date of issuance and bear interest at a rate of 15 per cent per year, payable annually up to the time of conversion. Holders of notes may, at their option, convert any unpaid and/or accrued interest thereon into additional shares at an issue price of three cents each.

The corporation has obtained the acceptance and supporting documentation from a majority of the holders of the existing 8-per-cent convertible unsecured subordinated debentures to, inter alia, amend the conversion price thereof from $1.14 to 11 cents.

The Toronto Stock Exchange has also granted the corporation a 30-day extension to provide further support in favour of the corporation's continued listing on the TSX.