VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 18, 2014) - Argentex Mining Corporation ("Argentex" or the "Company") (TSX VENTURE:ATX) (OTCQB:AGXMF) is pleased to announce the conversion of the final US$130,000 of the outstanding principal amount of the Convertible Debenture held by Austral Gold Argentina S.A. In the partial conversion, which was effected on March 17, 2014 at a conversion price of US$0.274163 per Unit, Argentex issued 474,171 Units, consisting of 474,171 common shares and 237,085 warrants. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of CDN$0.40 until July 2, 2018.
Details about the Convertible Debenture and the private placement in which it was issued were previously disclosed in a press release dated July 3, 2013.
After adjusting for this final partial conversion, there is no balance remaining under the Convertible Debenture. These conversions have coincided with repayments to Argentex of principal amounts outstanding under a U.S. dollar linked loan intended to minimise currency risk. Loan repayments are made in Argentine pesos in amounts linked to the value of the U.S. dollar at the time of repayment.
None of the securities issued upon the partial conversion have been or will be registered under the United States Securities Act of 1933, as amended (the "Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act. These securities are "restricted securities" under the Act and are subject to a hold period in the United States of at least six months from the date issued. Subject to certain exceptions, there are additional restrictions on transfer of these securities described in an Investment Agreement between Argentex and Austral Gold Limited. The Investment Agreement, together with all of the other material agreements related to the July 2, 2013 financing, are available on SEDAR at www.sedar.com.
Argentex Mining Corporation is an exploration company focused on developing its advanced Pinguino silver-gold project located in Santa Cruz, Patagonia, Argentina. In total, Argentex owns 100% of 100,000+ hectares of highly prospective land located in the Santa Cruz and Rio Negro provinces. Shares of Argentex common stock trade under the symbol ATX on the TSX Venture Exchange and under the symbol AGXMF on the OTCQB.
Neither 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 release.
On behalf of Argentex Mining Corporation:
Michael Brown, President and CEO