Vancouver, B.C., June 1, 2010 -- Argentex Mining Corporation (“Argentex”) (TSX-V: ATX, OTCBB: AGXM) is pleased to announce that it has agreed to the terms of a private placement with IFC, a member of the World Bank Group focused on private sector investments in developing countries.
In the mining sector, IFC provides equity and loan financing for exploration and mining companies to advance projects that have the potential to provide long term economic benefits to countries and local communities. IFC offers an integrated approach that combines financing with industry expertise and assistance in maximizing projects’ social benefits while minimizing their environmental footprints.
IFC’s proposed investment in Argentex contemplates that Argentex will sell to IFC 9,184,000 units (the “Units”) at a price of Cdn $0.80 per Unit for gross proceeds of Cdn$7,347,200. Each Unit will consist of one common share of Argentex (each a “Unit Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the purchaser to purchase one additional common share of Argentex (each a “Warrant Share”) at a price of Cdn$1.34 for a period of five years after closing.
Argentex anticipates that this private placement should close on or before July 31, 2010. Closing of this financing is subject to conditions, including IFC due diligence, approval by IFC’s Board of Directors, approval of the TSX Venture Exchange and the negotiation and execution of definitive agreements.
“We look forward to having an experienced investor such as IFC make the largest single investment in our company’s history,” said Ken Hicks, President of Argentex. “IFC is a long term investor with an impressive track record of makin...www.argentexmining.com/news20100601.php
In the mining sector, IFC provides equity and loan financing for exploration and mining companies to advance projects that have the potential to provide long term economic benefits to countries and local communities. IFC offers an integrated approach that combines financing with industry expertise and assistance in maximizing projects’ social benefits while minimizing their environmental footprints.
IFC’s proposed investment in Argentex contemplates that Argentex will sell to IFC 9,184,000 units (the “Units”) at a price of Cdn $0.80 per Unit for gross proceeds of Cdn$7,347,200. Each Unit will consist of one common share of Argentex (each a “Unit Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the purchaser to purchase one additional common share of Argentex (each a “Warrant Share”) at a price of Cdn$1.34 for a period of five years after closing.
Argentex anticipates that this private placement should close on or before July 31, 2010. Closing of this financing is subject to conditions, including IFC due diligence, approval by IFC’s Board of Directors, approval of the TSX Venture Exchange and the negotiation and execution of definitive agreements.
“We look forward to having an experienced investor such as IFC make the largest single investment in our company’s history,” said Ken Hicks, President of Argentex. “IFC is a long term investor with an impressive track record of makin...www.argentexmining.com/news20100601.php
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