Disclosure NewswireTMiCrowdNewswire - Aug 29, 2016
MONTREAL, Québec – Argex Titanium Inc. (TSX: RGX) (the “Corporation” or “Argex”) is pleased to announce that the Toronto Stock Exchange has granted Argex a 30-day extension, to September 26, 2016, with respect to the TSX’s listing review of the Corporation. At that time, the Continued Listing Committee of the TSX will determine whether Argex now meets the TSX’s listing requirements.
“We thank the Continued Listing Committee of the TSX for its thorough and diligent analysis of the Corporation’s financial position”, said Mazen Alnaimi, new Executive Chairman and CEO of Argex. “We are focusing on completing the development of our TiO2 pigment technology in the coming months and delivering a consistent product to our marquee clients. Argex’s new corporate team has worked hard in the first 30 days since we closed the private placement of $2.4 million and restarted activities to negotiate settlements with our creditors and develop positive relationships with each of them for the future”, continued Mr. Alnaimi.
Since being appointed following completion of the private placement in July 2016, Argex’s new management team has negotiated settlements with a number of Argex’s creditors and is currently in settlement discussions with Argex’s other creditors.
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high-grade titanium dioxide (TiO2) for use in high-quality paint, plastics, cosmetics and other TiO2 applications. The Corporation’s unique proprietary process uses relatively inexpensive and plentiful source material from a variety of potential vendors to produce TiO2, along with other valuable by-products. Argex’s process provides a significant cost and environmental advantage over current legacy TiO2 production methods.
This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of Argex, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Argex will derive. Forward-looking statements and information are based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Argex’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in Argex’s Annual Information Form for the fiscal year ended December 31, 2015, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. Argex does not intend, nor does Argex undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Corporate Communications and Investor Relations