Mr. Michael Collins reports
ARGUS ANNOUCES NON-BROKERED SECURED CONVERTIBLE DEBENTURE
Argus Metals Corp. has arranged a non-brokered private placement of a secured convertible debenture for gross proceeds of $60,000. The term of the debenture is 36 months and bears interest at 8 per cent calculated and payable semi-annually. The debenture is convertible into common shares at 15 cents per share, at any time at the election of the holder. There is one placee, Southern Gold Resources, a private company owned by Alan C. Savage, a director and the chairman of the company. The proceeds of the debenture will be used by the company to repay a $22,000 long-term loan, project development, and for general and administrative expenses.
We seek Safe Harbor.
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