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| ||May 22, 2009|
Argus Metals Corp. Raises $307,000 In First Tranche Of Private Placement Financing
| ||NOT FOR DISSEMMINATION IN THE UNITED STATES OR VIA US NEWSWIRE SERVICES|
Vancouver, B.C., May 22, 2009 -- Argus Metals Corp. (the "Company") announces that it has closed a first tranche of the non-brokered private placement offering announced on May 7, 2009. Pursuant to the private placement, and pending TSX Venture Exchange approval, the Company will issue 3,070,000 common shares at $0.10 per share to raise proceeds of $307,000. All securities issued at closing are subject to a four-month hold period, expiring on September 21, 2009.
Each unit of the private placement comprises one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.15 per share for a period of 24 months from the date of issuance.
Finders' fees relating to this private placement consisting of $5,000 in cash were paid in accordance with the policies of the TSX Venture Exchange.
Proceeds of the financings will be used for the Company's general working capital and to pay certain outstanding debts.
At the request of the TSX Venture Exchange, and further to the News Release dated May 11, 2009, the Company announces that it has adjusted the options granted to directors, officers and consultants of the Company to purchase up to a total of 380,000 treasury shares exercisable at a price of 16 cents per share for a period of five years.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
For further information, please contact:
Argus Metals Corp.
350-580 Hornby St,
Vancouver BC, V6C 3B6
Telephone: (604) 687-2471
Facsimile: (604) 687-2472
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 news release.
FORWARD LOOKING INFORMATION DISCLAIMER
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable securities legislation, including statements concerning our plans to raise private placement funds and settle debts. Each of these activities involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Risks include delays in obtaining or failure to obtain required TSXV or shareholder approvals. There is no assurance the Company will be able to raise any equity financing. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
You can view the Next News Releases item: Wed Jun 3, 2009, Argus Metals Corp. Finalizes Private Placement Financing
You can view the Previous News Releases item: Wed May 13, 2009, Private Placement Warrant Amendment
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