Argex Receives Completed Technical Due Diligence Reports
MONTREAL, Feb. 17, 2015 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex" or the "Company") today announced that it has received completed technical due diligence reports associated with the financing (the "Financing") of Argex's first industrial scale titanium dioxide (TiO2) plant (the "Plant") to be located in Valleyfield, Quebec.
The technical due diligence reports were prepared by two teams of external industry experts who were engaged by the Company's debt and leading equity financing sponsors. Over a period of five months, the diligence teams evaluated Argex's technological process, Plant construction methodology, capital budget and plan, its manufacturing and procurement processes, marketing and operations plans, and its ongoing operating financial model. These key components to Argex's business were thoroughly analyzed and compared to industry and technology benchmarks.
Argex and its financial sponsors consider this stage of the Financing complete, and are now focused on the remaining steps toward completion of the Financing.
"We are pleased to have passed this major financing milestone," stated Roy Bonnell, President and Chief Executive Officer of Argex, "The technical diligence on behalf of the financial sponsors, has been demanding and thorough and has contributed positively to the development of our financing process and our strategy of risk mitigation."
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high grade titanium dioxide (TiO2) for use in high quality paint, plastics, cosmetics and other applications. The company's unique proprietary process takes relatively inexpensive and plentiful source material from a variety of potential vendors, and produces TiO2 along with other valuable by-products. Argex's process provides a significant cost and environmental advantage over current legacy TiO2 production methods. The company's primary near term goal is to rapidly advance toward a 50,000 tonne per annum production module as a first step in its goal to transform the 5.2 million tonne per annum TiO2.
Forward-Looking Statements
This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding the Financing, the due diligence process for the Financing, Plant construction, and future plans, costs, objectives or performance of Argex, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Argex provides no assurance that the Financing or any other events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Argex will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Argex's control. These risks, uncertainties and assumptions include, but are not limited to, the ability of Argex to complete the Financing on reasonable terms or at all, the financial sponsors and other financing sources, if any, to complete the Financing, including the completion of binding commitments, the completion of definitive documentation, the satisfaction of conditions precedent to the closing of the Financing, the completion of satisfactory due diligence by financial sponsors and other financing sources, if any, the receipt of all regulatory approvals TSX approval and shareholder approval, if required; the successful and timely completion of up-front detailed engineering, the receipt of all regulatory approvals for the construction and operation of the Plant and successful and timely commissioning of the Plant as well as those described under "Risk Factors" in Argex's Annual Information Form for the fiscal year ended December 31, 2013, which is available on SEDAR at www.sedar.com; These risks, uncertainties and assumptions could cause actual events or results to differ materially from those projected in any forward-looking statements. Argex does not intend, nor does Argex undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Argex Titanium Inc.
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