: Argentex Announces Brokered Private Placement for up to
C$20 Million.
Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) today announced that it has engaged an Agent (the
"Agent") pursuant to which the Agent has agreed to lead a syndicate
in offering for sale, on a best efforts private placement basis, up to
17,391,304 units of the Company (the "Units") at a price per Unit of
C$1.15 (the "Unit Price") for gross proceeds to the Company of up to
C$20,000,000 (the "Offering").
A copy of the full press release is provided for your
reference. For further information please contact us at 1-866-594-7687, or via
e-mail at info@argentexmining.com.
Sincerely,
Adam Bello
Investor
Relations
Primoris Group Inc.
Tel.: (416)
489-0092 * 1 (866) 594-7687 x 226
Fax: (416)
352-5239
E-mail: abello@primorisgroup.com
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Argentex Announces Brokered
Private Placement for up to C$20 Million
Vancouver,
BC, Canada � May 26, 2011 � Argentex Mining
Corporation (�Argentex� or the �Company�) (TSX-V: ATX;
OTCBB: AGXM), today announced that it has engaged an Agent (the "Agent") pursuant
to which the Agent has agreed to lead a syndicate in offering for sale, on a
best efforts private placement basis, up to 17,391,304 units of the Company
(the "Units") at a price per Unit of C$1.15 (the "Unit Price") for gross
proceeds to the Company of up to C$20,000,000 (the "Offering").
Each Unit will consist of one common share in the capital
of the Company (a "Common Share") and one half of one Common Share purchase warrant (each
whole warrant, a "Warrant").
Each Warrant will entitle the holder to purchase one Common Share (each a
�Warrant Share�) for a period of 24 months following the closing of the
Offering at an exercise price of C$1.70 per Common Share. The private placement
is expected to close on June 21, 2011 or such other date as the Company and the
Agent agree.
Argentex intends to use the net proceeds of the Offering to fund
exploration programs at its mineral properties in the Patagonia region of
Argentina, for working capital and for general corporate purposes.
The Warrants will not be transferable. Common Shares issued
as part of a Unit will be subject to the resale restrictions imposed by both
the Canadian and the U.S. securities laws and will be subject to a minimum hold
period of six (6) months from the day of closing. Warrant Shares will be
subject to a minimum hold period of six months from the date of exercise, but Argentex has agreed to file a resale registration statement
with the U.S. Securities and Exchange Commission (the �SEC�) registering the Warrant Shares for resale. If and when this
registration statement is declared effective by the SEC, Warrant Shares will be
eligible for immediate resale pursuant to the registration statement, provided
that the hold periods in Canada have expired.
The securities described herein have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from
the registration requirements. In addition, the Offering is subject to the
approval of the TSX Venture Exchange.
This press release shall not constitute an offer to sell or
a solicitation of an offer to buy nor shall there be
any sale of the securities in any State where such offer, solicitation, or sale
would be unlawful.
On behalf of Argentex Mining
Corporation:
"Ken E. Hicks"
President
For additional information please contact:
Peter A. Ball
Executive Vice President Corporate Development
Phone: 604-568-2496 or 1-888-227-5285
Email:peter@argentexmining.com
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.
Statements in this news release that are not historical
facts are forward-looking statements that are subject to risks and
uncertainties. Words such as �expects�, �intends�, �plans�, �may�, �could�,
�should�, �anticipates�, �likely�, �believes� and words of similar import also
identify forward-looking statements. Forward-looking statements in this news
release include the statement that the private placement is expected to close
on or before June 21, 2011, that Argentex intends to
use the net proceeds of the Offering to fund exploration programs at its
mineral properties in the Patagonia region of Argentina, for working capital
and for general corporate purposes and that a registration statement will be
filed with, or be declared effective by, the Securities and Exchange
Commission. Actual results may differ materially from those currently
anticipated due to a number of factors beyond the Company�s control. These
risks and uncertainties include, among other things, market factors (including
interest in investing in the Offering) and risks that are inherent in Argentex's operations including the risk that the Company
may not find any minerals in commercially feasible quantity or raise funds
sufficient to prosecute its exploration plans. These and other risks are
described in the Company's Annual Report on Form 10-K and other filings with
the Securities and Exchange Commission.