VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2012) - Further to its news release dated May 15, 2012, Argus Metals Corp. (the "Company" or "Argus") (TSX VENTURE:AML) 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
For further information on Argus Metals visit: www.argusmetalscorp.com.
The Units have not been registered under the United States Securities Act of 1933, as amended (US Securities Act), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy such Units in any jurisdiction in which such an offer or sale would be unlawful.
Certain statements in this press release may be considered forward-looking information, including those relating to the "expectations", "intentions" or "plans" of the Company. Specifically, there is no guarantee the private placement will close on the basis announced, or at all. Such information involves known and unknown risks, uncertainties and other factors - including the approvals of regulators, availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, project cost overruns or unanticipated costs and expenses and other risks identified by the Company in its public securities filings-- that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, except to the extent required by law, whether as a result of new information, future events or otherwise.
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.