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| ||October 25, 2010|
Argus Closes Private Placement
| ||NOT FOR DISSEMINATION IN THE UNITED STATES OR VIA US NEWSWIRE SERVICES|
Vancouver, B.C., October 25, 2010 -- Further to its news release dated September 29, 2010, Argus Metals Corp. (the "Company") announces that it has received TSX Venture Exchange approval to the closing of its private placement. The Company has raised an aggregate $1,890,000 through the issuance of 5,000,000 flow-through shares at a price of $0.17 per share and 8,000,000 non-flow-through units at a price of $0.13 per unit (each a "Unit") under the placement. Each Unit consists of one common share and one-half of one share purchase warrant. Each warrant is exercisable at a price of $0.25 per share for 18 months from the date of closing.
A finder's fee of $26,431, 442,743 Units and 442,743 finder's warrants of the Company were paid in connection with the closing. The shares issued in relation to this financing are subject to a hold period expiring February 23, 2010.
Proceeds from this financing will be used to continue exploration on the Company's Hyland Gold project in the Yukon and general working capital purposes.
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.
You can view the Next News Releases item: Mon Nov 22, 2010, Argus Stakes Over 1,700 New Mineral Claims in Hyland District Covering Regional Arsenic Anomalies in Carbonate Rocks
You can view the Previous News Releases item: Wed Sep 29, 2010, Argus Metals Corp. Announces $1,890,000 Million Private Placement
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