ARGEX TITANIUM INC. has recently transitioned from a mining exploration company to a near-term producer of commodities that the world needs: Titanium Dioxide (TiO2), Iron and Vanadium Pentoxide (V2O5). 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 that allows it to produce high purity TiO2 directly from its 100% owned deposit.
Argex changes corporate name to better reflect titanium business
Argex Mining (CVE:RGX) Wednesday announced that its corporate name has been changed to Argex Titanium Inc., to better reflect the business.
Shares of the company were up 1.2 per cent as at 11:40 am, trading at 84 cents apiece.
The near-term producer of titanium dioxide said that effective Friday July 20, the common shares of Argex will commence trading on the TSX Venture Exchange under the new corporate name, but the company’s trading symbol will remain the same.
"The new corporate name is a strong reflection of the significant evolution that Argex has experienced over the past twelve months," said president and CEO Roy Bonnell.
"We look forward to an exciting future as a leader in titanium dioxide."
The change of corporate name was approved by Argex's shareholders at the annual and special meeting of shareholders last month, and registered shareholders do not need to take any measures regarding their share certificates.
In other news, Argex said it has appointed Sophy Cesar as the new manager of investor relations and corporate communications, effective immediately. In this role, Cesar will report to the CEO.
Earlier this month, the company completed a private financing which raised $5.02 million.
The offering, which was announced in June, issued 5.4 million shares to a US-based investment fund manager and current shareholder of Argex. The company priced the issued shares at 93 cents each.
No warrants were part of this private placement, the company said.
The Montreal-based mineral explorer said it would use the proceeds for working capital and general corporate purposes. No commission was paid in connection with the private placement.
The securities issued are subject to four month hold periods that expire November 6, 2012. Argex has 115.4 million shares outstanding.
In April, the company struck a technical collaboration contract with PPG Industries (NYSE:PPG) to develop and optimize PPG's technology for titanium dioxide.
The goal is to develop titanium dioxide products, to be produced by Argex, that meet conventional standards for interior and exterior paint and coatings applications.
Argex is a junior Canadian resource company that is developing the advanced stage La Blache titaniferous magnetite project. It also owns the Lac Brûlé high grade ilmenite and the Mouchalagane iron ore projects, which are all located on Quebec’s North Shore.
Argex recently achieved a "milestone breakthrough" for the iron recovery circuit at its pilot plant in Mississauga, Ontario, where its patented CTL process is running continuously.
The company hopes to scale-up its proprietary, hydrometallurgical CTL process that allows it to produce high purity, "pigment-grade" titanium dioxide directly from run-of-mine material at its 100 per cent owned deposit.
The process is running continuously at the mini-plant in Mississauga, Ontario.