13:28:16 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Argex Titanium Inc
Symbol RGX
Shares Issued 152,555,959
Close 2016-08-05 C$ 0.08
Market Cap C$ 12,204,477
Recent Sedar Documents

Argex to issue 5.08M shares for debenture interest

2016-08-05 13:33 ET - News Release

Ms. Nicole Blanchard reports

ARGEX TITANIUM ANNOUNCES PAYMENT OF ACCRUED INTEREST ON 8% CONVERTIBLE DEBENTURES

Argex Titanium Inc. will pay accrued interest of $450,000 on its 8-per-cent convertible unsecured debentures due on Dec. 31, 2015, March 31, 2016, and June 30, 2016, through the issuance of an aggregate of 5,084,745 common shares to the holders of the debentures. In this regard, Argex has sent a notice in prescribed form to the registered holders of the debentures and to CST Trust Company, the debenture agent.

The 5,084,745 shares will be issued at a price of 8.85 cents per share, representing the volume-weighted average trading price (VWAP) of Argex's shares on the Toronto Stock Exchange for the five trading days ended Aug. 3, 2016. In accordance with the debenture indenture, the shares will be delivered on or before Sept. 30, 2016.

Argex also announces that, after obtaining approval from the holders of more than 66-2/3rds of the principal amount of the debentures, the corporation and CST Trust Company, as debenture agent, entered into a first supplemental indenture amending certain terms and conditions of the debentures. A copy of the first supplemental indenture is available under the corporation's profile on SEDAR.

As previously announced, the conversion price of the debentures has been reduced to 11 cents per share from $1.14 per share. In addition, should the VWAP of the common shares of the corporation for a period of five trading days be at least 11 cents, or should at least 50 per cent of the principal amount of the debentures have been converted by the holders thereof into common shares, Argex will have the right, but not the obligation, to compel the conversion of all or any part of the debentures into common shares at the conversion price of 11 cents per share. In order to do so, Argex will be required to send a notice to the holders of the debentures at least 15 business days prior to the forced conversion date.

The debentures were also amended to provide that interest payments may be made, at the option of the corporation, through the issuance of common shares. The issue price of shares issued in any such payment will be equal to the VWAP of Argex's shares on the Toronto Stock Exchange for the five trading days immediately preceding the date on which Argex sends a notice in prescribed form to the holders of the debentures.

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