Mr. Ross Corcoran reports

ARGEX TITANIUM HOLDS SECOND CLOSING OF PRIVATE PLACEMENT

Argex Titanium Inc. has held a second closing of its previously announced private placement at which it issued an aggregate of 3,929,037 units to arm's-length "accredited investors" at a price of 5.4 cents per unit, for gross proceeds to Argex of $212,168. Argex has now issued a total of 32,722,237 units in the private placement for aggregate gross proceeds of $1,767,000. Each of the units comprises one common share and one-quarter of a common share purchase warrant; each full warrant entitles its holder to acquire one additional Argex common share at a price of 12 cents for a period of 18 months. In the event that the closing price of Argex's common shares on the Toronto Stock Exchange is at least 15 cents for a period of not less than 20 consecutive trading days, the warrants will expire, at the sole discretion of Argex, on the 30th day after the date on which Argex sends a notice in prescribed form to the holders of the warrants. The securities issued at the second closing are subject to a four-month "hold period" under applicable securities regulations.

Argex will use the net proceeds from the private placement to complete detailed engineering for its titanium dioxide project, to compile data for a bankable report and for working capital.

At the second closing, Argex also issued an aggregate of 138,900 "broker warrants" to a securities dealer, representing an amount equal to 6 per cent of the number of units sold through such dealer. Each of the broker warrants entitles the holder to purchase one additional unit, comprising one common share and one-quarter of a common share purchase warrant, at a price of seven cents for a period of 18 months.

Argex expects to hold additional closings of the private placement, subject to an aggregate maximum of $4-million (74,074,074 units). Any additional closing will be subject to shareholder approval under the policies of the Toronto Stock Exchange. In that regard, Argex has called a special meeting of shareholders, to be held in Montreal, Que., in April, 2017, and expects to distribute a management information circular to shareholders shortly.

About Argex Titanium Inc.

Argex Titanium has developed an advanced chemical process for the volume production of high-grade titanium dioxide for use in high-quality paint, plastics, cosmetics and other titanium dioxide applications. The corporation's unique proprietary process uses relatively inexpensive and plentiful source material from a variety of potential vendors to produce titanium dioxide, along with other valuable byproducts.

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