Argyle Resources Corp. Announces Closing of First Tranche of Private Placement Offering
Argyle Resources Corp. Announces Closing of
First Tranche of Private Placement Offering
Vancouver, British Columbia--(Newsfile Corp. - February 18, 2025) -
Argyle Resources Corp.
(CSE:
ARGL) (OTCQB: ARLYF) (FSE: ME0) ("
Argyle
" or the "
Company
")") is pleased to announce that it has
closed a first tranche of its previously-announced non-brokered private placement for aggregate gross
proceeds of $869,400 through the issuance of 2,070,000 units (each, a "
Unit
") at a price of $0.42 per
Unit for gross proceeds of $869,400 (the "
Offering
").
Each Unit is comprised of one (1) common share of the Company (a "
Common Share
") and one
common share purchase warrant ("
Warrant
"), with each Warrant entitling the holder thereof to purchase
one Common Share at a price of $0.53 for a period of 24 months from the date of the closing.
The Company intends to use the net proceeds of the Offering for expenditures on its properties located
in Quebec, and for general working capital purposes.
In conjunction with the Offering, the Company paid an aggregate of $26,844 in finder's fees and issued
an aggregate of 64,200 finder warrants (each, a "
Finder's Warrant
") to finders. Each Finder's Warrant
is exercisable into one (1) Common Share at a price of $0.53 for a period of 24 months from the date of
issuance.
All securities issued under the Offering are subject to a four-month and one-day hold period.
The securities issued pursuant to the Offering have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an
applicable exemption from the U.S. registration requirements. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the
United States or in any other 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 such as statements regarding the contemplated closing of any further
tranche under the Private Placement, 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 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, 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/241244