MONTREAL, Sept. 21, 2018 - Munther Khalifa A Allahiq announces that on July 25, 2018, he acquired, at a first closing of a private placement, 19,375,000 units of Argex Titanium Inc. (TSX: RGX) ("Argex") at a price of $0.032 per unit for gross proceeds to Argex of $620,000 (the "First Tranche Private Placement") and subsequently, on September 13, 2018, acquired at a second closing of the private placement, 24,371,875 additional units of Argex at a price of $0.032 per unit for gross proceeds to Argex of approximately $780,000 (the "Second Tranche Private Placement", and collectively with the First Tranche Private Placement, the "Transaction").
Each of the units acquired in the Transaction is comprised of one common share of Argex (collectively, the "Shares") and one common share purchase warrant of Argex (collectively, the "Warrants"). Each Warrant entitles its holder to acquire one additional Share at a price of $0.041 for a period of five years from the date of issuance.
Immediately prior to the closing of the First Tranche Private Placement, Mr. Allahiq did not hold any Shares or Warrants. Prior to the closing of the Second Tranche Private Placement, Mr. Allahiq directly owned (i) 19,375,000 Shares, and (ii) 19,375,000 Warrants entitling him to purchase 19,375,000 Shares.
Following the closing of the Second Tranche Private Placement, Mr. Allahiq directly owns (i) 43,746,875 Shares, and (ii) 43,746,875 Warrants entitling him to purchase 43,746,875 Shares. Assuming that immediately following the closing of the Second Tranche Private Placement Mr. Allahiq exercised all of his Warrants, he would own 87,493,750 Shares, representing on a partially-diluted basis, 19.84% of the Shares that would then be issued and outstanding.
In accordance with applicable securities laws, Mr. Allahiq may, from time to time and at any time, acquire additional Shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of Argex in the open market or otherwise, and he reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Argex and other relevant factors.
A copy of an early warning report filed by Mr. Allahiq in connection with the Transaction is available on SEDAR under Argex's profile. This news release is issued under the early warning provisions of Canadian securities legislation.
SOURCE Munther Khalifa A Allahiq
or to obtain a copy of the early warning report filed by Munther Khalifa A Allahiq, please contact: Mazen Alnaimi, Chairman and Chief Executive Officer,
