MONTREAL, June 30, 2015 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex" or the "Corporation"), reports that the nominees listed in the management information circular for the 2015 Annual General Meeting of shareholders were elected as directors of Argex. Detailed results of the vote for the election of directors held at the Annual General Meeting ("AGM") on June 23, 2015 in Montreal, Qc. are set out below:
| Directors |
For |
% |
Withheld |
% |
| Roy Bonnell |
27,928,252 |
72.2% |
10,754,908 |
27.8% |
| Robert Guilbault |
27,746,686 |
71.73% |
10,936,474 |
28.27% |
| Glen Kayll |
27,318,752 |
70.62% |
11,364,408 |
29.38% |
| Mazen Haddad |
35,196,332 |
90.99% |
3,486,828 |
9.01% |
| Normand Bergeron |
28,248,952 |
73.03% |
10,434,208 |
26.97% |
| Florian A Rais |
35,100,332 |
90.74% |
3,582,828 |
9.26% |
The shareholders of Argex have also voted in favour of the appointment of Argex's auditor and against the continuation of Argex's shareholders rights plan. In light of the important number of votes against Argex's shareholders rights plan, the Corporation withdrew the proposal and the shareholders rights plan terminated as of the end of the AGM.
At the Board of Directors meeting subsequent to the AGM, the following decisions were taken:
- Mr. William White was appointed as director of the Corporation. Glen Kayll voluntarily stepped-down from the Board of Directors to make room for Mr. White;
- Mr. Mazen Haddad was named Chairman of the Board of Directors replacing Robert Guilbault who stepped down from the Board after serving as chairman for four years;
- Mr. Normand Bergeron who has served on the Board of Directors for three years has also stepped-down.
Mr. Daniel Verret, Argex's corporate controller will assume the role of Chief Financial Officer in replacement of Mr. Glen Kayll. Mr. Verret is a Chartered Professional Accountant and a seasoned finance executive. Between 2002 and 2014, Mr. Verret served as Vice President and Principal Accounting Officer at Yellow Pages where he oversaw financial reporting, accounting services and administrative services. He played an instrumental role in Yellow Pages' growth and has been directly involved in transactions and financing in excess of $7 billion during his career. Mr. Glen Kayll will remain with the Corporation in a special advisory role.
"Argex would like to thank Glen, Robert and Normand for their contribution over the past years towards Argex's goals and objectives. We are excited by the expected contribution by Mr. White and Mr. Haddad in their new roles. A greater emphasis on strategic industry relationships and shareholder value and communications are primary amongst Argex's key deliverables over the next 12 months," commented Roy Bonnell, President and CEO of Argex.
The Corporation also announced that it has raised gross proceeds of $300,000 in a private placement of common shares which closed today (the "Private Placement"). In connection with the Private Placement, insiders of the Corporation namely Mazen Haddad and Roy Bonnell completed a transaction whereby they sold an aggregate of 2,222,222 common shares of Argex to a North American investment group, and then bought 2,222,222 common shares under the Private Placement. All transactions were done at equal pricing. "The Private Placement is the first step in an expected series of financial measures designed to provide Argex with financial stability over the long run," added Mr. Bonnell. Proceeds of the Private Placement will be used for general corporate purposes. The common shares issued pursuant to the Private Placement will be subject to a four-month hold under applicable securities laws.
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high grade titanium dioxide (TiO2) for use in high quality paint, plastics, cosmetics and other applications. The Corporation's unique proprietary process takes relatively inexpensive and plentiful source material from a variety of potential vendors, and produces TiO2 along with other valuable by-products. Argex's process provides a significant cost and environmental advantage over current legacy TiO2 production methods. The Corporation's primary near term goal is to rapidly advance toward a 50,000 tonne per annum production module as a first step in its goal to transform the 5.7 million tonne per annum TiO2 industry.
Forward-Looking Statements
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 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" "target" 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, the Corporation's anticipated use of proceeds as well as those described under "Risk Factors" in Argex's Annual Information Form for the fiscal year ended December 31, 2014, 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.
SOURCE Argex Titanium Inc.
Corporation: Serge Depatie, VP Communications and Investor Relations, Argex Titanium Inc., 514-843-5959 Ext. 233, [email protected]; U.S. Investor Relations: Liolios Group Inc., Chris Tyson, Tel 949-574-3860, [email protected]; Canadian Investor Relations, The Howard Group, Dave Burwell, Tel 888-221-0915, [email protected]
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