MONTREAL, March 22, 2012 /CNW Telbec/ - Argex Mining Inc. ("Argex" or the "Corporation") today announced that its Board of Directors has, at a meeting of the
board held on March 22, 2012, approved the adoption of a shareholder
rights plan (the "Rights Plan") entered into with Canadian Stock
Transfer Company Inc. as rights agent, effective March 22, 2012.
The purpose of the Rights Plan is to ensure that, in the context of a
bid for control of Argex through an acquisition of the common shares of
the Company (the "Shares"), the Board of Directors has sufficient time
to consider the bid and assess alternatives for maximizing shareholder
value as it considers in its judgment to be in the best interests of
the Corporation. Additionally, the Rights Plan gives shareholders an
equal opportunity to participate in such a bid; gives them adequate
time to properly assess the bid; and lessens the pressure to tender
typically encountered by a securityholder of an issuer that is subject
to a bid.
Argex's Board of Directors is not aware of any third party currently
considering or preparing any proposal to acquire control of the
Corporation.
The rights plan has not been approved by the TSX Venture Exchange and is
subject to ratification by the shareholders of the Corporation at its
annual and special meeting of shareholders anticipated to take place on
June 26, 2012.
The Rights Plan is intended to encourage any bid to satisfy certain
minimum standards designed to promote fairness. Under the Rights Plan,
one right has been issued with respect to each of the Shares issued and
outstanding as of the effective date. These rights will become
exercisable only when a person, including any party related to it,
acquires or attempts to acquire 20 percent or more of the outstanding
Shares without complying with the "Permitted Bid" provisions of the
Rights Plan or without approval of Argex's Board of Directors.
A complete copy of the Rights Plan will be filed under the Corporation's
profile on SEDAR at www.sedar.com.
About Argex Mining Inc.
ARGEX MINING INC. is a near-term producer of commodities that the world
needs: Titanium Dioxide, Iron and Vanadium Pentoxide. With a primary
goal of advancing rapidly towards production, Argex has adopted a
simple and low-risk strategy for the scale-up of its proprietary
process that allows it to produce high purity TiO2 directly from run-of-mine material from its 100% owned deposit.
The process is running continuously at the mini-plant in Mississauga,
Ontario. The closed-loop process is environmentally friendly and
produces minimal inert tailings.
Additionally, the Company owns 100% of the Mouchalagane property, which
is a large Labrador Trough iron ore property that represents further
potential upside for the Argex shareholders.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the
meaning of applicable securities laws. All information and statements
other than statements of historical facts contained in this press
release are forward-looking information. Such statements and
information may be identified by words such as "about",
"approximately", "may", "believes", "expects", "will", "intends",
"should", "plans", "predicts", "potential", "projects", "anticipates",
"estimates", "continues" or similar words or the negative thereof or
other comparable terminology. Forward-looking statements are based on
the best estimates available to Argex at this time and involve known
and unknown risks, uncertainties and other factors that may cause
Argex's actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. A description
of the risks affecting Argex's business and activities appears under
the heading "Risk Factors" in Argex's Amended and Restated Annual
Information Form dated January 14, 2011 for the fiscal year ended
December 31, 2009, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the
forward-looking information in this press release will transpire or
occur, or if any of them do so, what benefits that Argex will derive
therefrom. In particular, no assurance can be given as to the future
financial performance of Argex. The forward-looking information
contained in this press release is made as of the date hereof and Argex
undertakes no obligation to publicly update such forward-looking
information to reflect new information, subsequent or otherwise, unless
required by applicable securities laws. The reader is warned against
placing undue reliance on these forward-looking statements.
Neither the 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.
<p> Roy Bonnell, President and Chief Executive Officer<br/> Argex Mining Inc.<br/> 514-788-8923<br/> <a href="mailto:roy@argex.ca">roy@argex.ca</a> </p> <p> Argex Mining Inc.<br/> TSX-V: RGX<br/> FSE: ASV<br/> OTCBB: ARGEF </p> <p> MEDIA:<br/> Frédéric Bérard, Vice President<br/> HKDP Communications and Public Affairs<br/> 514 395-0375, ext.259 </p> <p> INVESTOR RELATIONS:<br/> Dave Burwell<br/> The Howard Group<br/> 1-888-221-0915<br/> <a href="mailto:dave@howardgroupinc.com">dave@howardgroupinc.com</a> </p>