Management To Hold Conference Call To Provide Operational Update
MONTREAL, Nov. 14, 2013 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex" or the "Company"), is pleased to announce that it has filed its Financial Statements (the "Financial Statements") and the accompanying Management's Discussion and Analysis ("MD&A") for the quarter ending September 30, 2013. These reports are available at www.argex.ca and www.sedar.com.
Financial Highlights for the Three Months Ended September 30, 2013
- During the quarter, Argex completed two private placements for a total of $10 million with Ressources Québec Inc. and a U.S. based investment fund manager and current Argex shareholder.
- The cash, short-term investments and investments totalled $10.1 million at September 30, 2013, compared with $5.6 million as at December 31, 2012;
- The working capital was $8.2 million and total assets were $35.5 million, compared with $5.3 million, and $30.2 million, respectively, as at December 31, 2012;
- The Company has no debt;
- Total operating expenses were $4 million in Q3 2013, compared with $1.6 million in Q3 2012. This was mostly associated to fees in relation to the Company's feasibility study and related legal and accounting fees;
- On September 19, 2013, the common shares of Argex began trading on the TSX.
Events after the Third Quarter Ended September 30, 2013
On October 9, 2013, Argex announced the results from its industrial feasibility study (the "Study") prepared by the independent engineering group Genivar. The Study was based on a 50,000 tonne per year TiO2 first-module production facility to be located in Salaberry-de-Valleyfield, Quebec and led to positive economics:
- An Internal Rate of Return of 40.1% pre-tax (33.8% after-tax);
- A Pre-tax Net Present Value of $954.4 million ($678.3 million after-tax) at an 8% discount rate;
- A Pre-tax payback period of 4.2 years (4.5 years after-tax) including an initial ramp-up period;
- Estimated life of project of 25 years.
On October 22, 2013, Argex announced that it signed a letter of intent ("LOI") with one of the world's leading chemical distribution companies to distribute up to 25,000 tonnes per year of Argex TiO2 to be produced at Argex's proposed production facility.
Roy Bonnell, President & CEO, and Mark Billings, CFO will be holding a conference call to provide investors with an operational update on Monday, November 18, at 3:00 PM EST.
To access the conference call by phone within Canada & the US, the toll free number is 1-888-241-0326 . Outside Canada and the U.S., dial 1-647-427-3411.
Conference call details:
Conference Topic: Argex Titanium - Operational Update
Conference ID: 11344510
Management will accept questions by telephone during the Q&A period at the end of the presentation. Questions can also be forwarded in advance or during the presentation to email@example.com .
An archived recording of the webcast will be available on Argex's website (www.argex.ca) shortly after the webcast.
About Argex Titanium Inc.
ARGEX Titanium Inc. is a near-term producer of Titanium Dioxide (TiO2) pigment. With a primary goal of advancing rapidly towards production, Argex has adopted a simple and low-risk strategy for the scale-up of its proprietary process.
Argex is pleased to have selected Valleyfield, Quebec as the location for its Research & Development centre and first industrial-sized production facility. The location of the site can be viewed at Argex Valleyfield.
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 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. No assurance can be given that any 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, those described under "Risk Factors" in Argex's Annual Information Form for the fiscal year ended December 31, 2012, which is available on SEDAR at www.sedar.com; they 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.