Argyle Announces Private Placement Offerings
Argyle Announces Private Placement
Offerings
Calgary, Alberta--(Newsfile Corp. - December 12, 2024) - Argyle Resources Corp. (CSE: ARGL)
(OTCQB: ARLYF) (FSE: ME0) ("
Argyle
" or the "
Company
") is pleased to announce that it intends to
complete a non-brokered private placement financing (the "
FT Private Placement
") of units of the
Company ("
FT Units
") at a price of $0.54 per FT Unit for aggregate gross proceeds of up to
$1,000,000.
Each FT Unit shall consist of one common share in the authorized share structure of the
Company ("
FT Share
") and one common share purchase warrant ("
FT Warrant
"), with each FT Warrant
entitling the holder thereof to purchase a common share at an exercise price of $0.65 for a period of 24
months from the date of issuance.
The FT Shares are intended to qualify as "flow through shares" within the meaning of the Income Tax Act
(Canada) (the "
Tax Act
").
The gross proceeds from the sale of the FT Shares will be used to incur
"Canadian exploration expenses" that are intended to qualify as "flow-through mining expenditures" as
those terms are defined in the Tax Act, which the Company intends to renounce to the purchasers of the
FT Shares.
The Company is also pleased to announce that it intends to complete a non-brokered private placement
financing (the "
Concurrent Private Placement
") of units of the Company ("
Concurrent Private
Placement
Units
") at a price of $0.54 per Concurrent Private Placement Unit for aggregate gross
proceeds of up to $300,000. Each Concurrent Private Placement Unit shall consist of one common
share in the authorized share structure of the Company (a "
Common Share
") and one common share
purchase warrant ("
Concurrent Private Placement Warrant
"), with each Concurrent Private
Placement Warrant entitling the holder thereof to purchase a Common Share at an exercise price of
$0.65 for a period of 24 months from the date of issuance.
Closing of the FT Private Placement and the Concurrent Private Placement is anticipated to occur in one
or more tranches, and by on or about December 20
th
, 2024 (the "
Closing Date
"). Closing is subject to
certain conditions, including, but not limited to, the receipt of all necessary regulatory and other
approvals.
All securities to be issued under the FT Private Placement and the Concurrent Private
Placement will be subject to a statutory hold period of four months and one day from the Closing Date.
The proceeds from the FT Private Placement and the Concurrent Private Placement will be used to
advance the Company's exploration activities to enhance shareholder value.
The securities described herein have not been and will not be registered under the United States
Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or sold in
the United States absent registration or available exemptions from such registration requirements. This
press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the
United States, or in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Argyle Resources Corp.
Argyle Resources Corp. is a junior mineral exploration company engaged in the business of acquiring,
exploring, staking and evaluating natural resource properties in North America. The Company currently
holds an option to acquire up to 100% of the Frenchvale Graphite Property located in Nova Scotia,
Canada and owns 100% interest in the Pilgrim Islands, Matapedia and Lac Comporte quartzite silica
projects in Quebec, Canada. Argyle is engaged in a research partnership with the INRS, a high-level
research and training institute funded by the Quebec government to conduct exploration programs on the
Company's silica projects. The Company was incorporated in 2023 and its head office is located in
Calgary, Alberta, Canada.
For all other inquiries:
Email:
Phone: (825) 724-0033
Website:
www.argyleresourcescorp.com
Forward-Looking Statements
This news release contains forward-looking statements and other statements that are not historical
facts. Forward-looking statements are often identified by terms such as "will", "may", "should",
"anticipate", "expects" and similar expressions. All statements other than statements of historical fact,
included in this news release are forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's expectations include but are not
limited to the Company's ability to complete either or both of the FT Private Placement and the
Concurrent Private Placement as contemplated or at all and the risks detailed from time to time in the
filings made by the Company with securities regulators. The reader is cautioned that assumptions
used in the preparation of any forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those predicted, as a result of
numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the
control of the Company.
Factors that could cause actual results to vary from forward-looking statements or may affect the
operations, performance, development and results of the Company's business include, among other
things, the Company's inability to complete either or both of the FT Private Placement as
contemplated or at all; that mineral exploration is inherently uncertain and may be unsuccessful in
achieving the desired results; that mineral exploration plans may change and be re-defined based on
a number of factors, many of which are outside of the Company's control; the Company's ability to
access sources of debt and equity capital; competitive factors, pricing pressures and supply and
demand in the Company's industry. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect and actual results may differ
materially from those anticipated. Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The forward-looking statements contained in this
news release are made as of the date of this news release and the Company will update or revise
publicly any of the included forward-looking statements as expressly required by applicable law.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the
contents of this press release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/233638