MONTREAL, Québec (FSCwire) - Abderraouf Ghali announces that on September 16, 2016 and September 21, 2016, he acquired, directly or indirectly, 1,120,609 common shares (the “Shares”) of Argex Titanium Inc. (TSX: RGX) (the “Corporation” or “Argex”) at a deemed price of $0.0789 per Share, for an amount of $88,416.09, and 5,000,000 common share purchase warrants of Argex (the “Warrants”) at a deemed price of $0.03 per Warrant, for an amount of $150,000. The Shares and Warrants were issued in a prospectus-exempt transaction for the settlement of debt owing to 7932375 Canada Inc. (“7932375”), a company controlled by Mr. Ghali, by Argex in the amounts of $88,416.09 and $150,000, respectively (the “Transaction”). The Transaction was approved by Argex’s shareholders at an annual and special meeting held on September 15, 2016 and is described in Argex’s management information circular dated August 17, 2016, a copy of which is available on SEDAR under Argex’s profile.
Each Warrant entitles the holder thereof to acquire one common share of the Corporation at a price of $0.08 per share until September 16, 2021.
Immediately prior to the closing of the Transaction, Mr. Ghali held, directly or indirectly, 163.083 secured convertible notes of the Corporation in an amount of $163,083 (the “Notes”), convertible into a total of 5,436,045 Shares and 4,620,630 Warrants, as well as 7,456,667 additional Warrants. Each of the Warrants entitles the holder to acquire one additional Share. Assuming the conversion and exercise of all Notes and Warrants held by Mr. Ghali prior to the closing of the Transaction, he would have owned 17,513,342 common shares, representing 9.32% of the Corporation’s shares that would then be issued and outstanding.
Immediately following the closing of the Transaction, Mr. Ghali holds, directly or indirectly, 1,120,609 Shares, representing 0.65% of the issued and outstanding common shares of the Corporation on September 21, 2016, 163.083 Notes in an amount of $163,083, convertible into a total of 5,436,045 Shares and 4,620,630 Warrants, as well as 12,456,667 Warrants. Each of the Warrants entitles the holder to acquire one additional Share. Assuming the conversion and exercise of all Notes and Warrants held by Mr. Ghali, he would own 23,633,951 common shares, representing 12.09% of the Corporation’s shares that would then be issued and outstanding.
Mr. Ghali acquired ownership of the Shares and Warrants in connection with the settlement of debt owing to 7932375 by Argex in the amounts of $88,416.09 and $150,000, respectively.
In accordance with applicable securities laws, Mr. Ghali may, from time to time and at any time, acquire additional Shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of the Corporation in the open market or otherwise, and he reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Corporation and other relevant factors.
A copy of an early warning report filed by Mr. Ghali in connection with the Transaction is available on SEDAR under the Corporation’s profile. This news release is issued under the early warning provisions of Canadian securities legislation.
To obtain a copy of the early warning report filed by Abderraouf Ghali, please contact:
Nicole Blanchard
Corporate Communications and Investor Relations
Argex Titanium Inc.
(514) 843-5959
nblanchard@argex.ca
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ArgexOct72016.pdfSource: Argex Titanium Inc. (TSX:RGX, WKN:A1J1GR, ISIN:CA04014T1021)
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