Argus Closes Oversubscribed Private Placement
VANCOUVER, BRITISH COLUMBIA, Jun 29, 2012 (MARKETWIRE via COMTEX) -- Further to its news release dated May 15, 2012, Argus Metals Corp. (the "Company" or "Argus") (TSX:AML.V) announces that it has received TSX Venture Exchange approval to the closing of its private placement. The Company has raised an aggregate $388,470 via two tranche closings through issuance of 2,559,400 units at a price of $0.05 per unit ("Unit") in the first tranche and issuance of 5,210,000 Units in the second tranche closing.
Each Unit consists of one common share and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company for a period of twelve months from the closing date at a price of $0.10 per share.
A finder's fee of $15,260, 7,000 Units and 340,200 finder's warrants of the Company were paid in connection with the private placement closing. The finder's warrants have the same terms as the Warrants. The securities issued in relation to this private placement are subject to regulatory four-month hold period expiring October 13, 2012, and October 27, 2012.
The proceeds from the private placement will be used to continue exploration on the Company's Kaituma, Guyana uranium/gold exploration project and for general working capital purposes.
Argus Metals is a Vancouver based exploration and development company with a strong portfolio of assets focused on gold in the Yukon and uranium/gold in Guyana. The 100% owned Hyland project in the Yukon is a highly prospective gold project with the potential to substantially increase its existing NI 43-101 Au Eq resource.
The Company's directors and officers are a geologically focused team whose objective is to build shareholder value through exploration and development of existing projects and through identifying assets with company making potential.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins, President and CEO
Source: Argus Metals via MarketWatch
Disclosure: Argus Metals Corp. is a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team are actively accumulating and hold long positions in AML.V or ARGXF.