|Traded as||TSX: RGX|
|Key people||Roy Bonnell, President & CEO
Mark Billings, CFO, Director
Enrico Di Cesare, COO & VP Technology
Robert Guilbault, Chairman
Mazen Haddad, Director
Peter H. Smith, Director
Anthony Garson, Director
|Products||Titanium, Iron, Vanadium, Magnesium|
|Revenue||$21,071 (December 2010)|
|Net income||$2,023,467 (December 2010)|
|Total equity||$12,452,725 (December 2010)|
Argex Mining is a junior titanium, iron, vanadium and magnesium explorer with projects in Quebec, Canada. The Company is headquartered in Montreal, Quebec. Argex's main plan is to rapidly advance towards Titanium Dioxide and Iron Ore production at their La Blache deposit located near Baie-Comeau, Quebec.
Argex also owns 100% of the Mouchalagane Iron ore project, located 300 km (190 mi) north of Baie-Comeau, Quebec. Recently, Argex expanded its land holdings near Baie-Comeau, Quebec surrounding Consolidated Thompson's Lac Brûlé Titanium-Iron-Vanadium deposit.
- 1 La Blache Deposit Property Description
- 2 Mouchalagane Property
- 3 Corporate history
- 4 Notes
- 5 References
- 6 External links
La Blache Deposit Property Description
The La Blache Property is located at Latitude 50° 03' 30" N and Longitude 69° 38' 02" W. (NTS 22K/04) The property covers 4,035.28 hectares (9,971.4 acres) or 40.35 km2 (15.58 sq mi) and is located in the Baie-Comeau region along the North Shore of the St. Lawrence River. The Manicouagan region is situated at the intersection of Highways 138 and 389. Provincial Route No. 138 links Montreal and Natashquan through Baie-Comeau and Sept-Iles and follows the north shore of the St. Lawrence River. Highway No. 389 provides access to the mining towns of the north-east and links Baie-Comeau to the mining town of Fermont, situated 570 kilometres (350 mi) northeast of Baie-Comeau.
The La Blache Property is located in the centre of the Meso-Proterozoic La Blache Anorthosite. Exposed rocks at La Blache are divided into garnetiferous anorthosites, pegmatite, titaniferous magnetite and leucogabbro. The La Blache mineral occurrences occur as veins, dykes, lenses and tabular bodies of massive titaniferous magnetite with labradorite feldspar. The Magpie deposits also located on the North Shore constitute one of the largest undeveloped mineralized systems of titaniferous magnetite in the world.
Four lenses of titaniferous magnetite (West Hervieux, East Hervieux, Schmoo Lake and East De La Blache) are present as tabular bodies that are aligned over a 17-kilometre (11 mi) long arc (RG2002-01) located at the center of the anorthosites. The lenses are almost parallel to the axis of the large antiform defined by the anorthosites that is slightly discordant with the lithologies.
The two mineralized zones on the La Blache Property are made up of massive titaniferrous magnetite, black in colour, with a high density of around 4.5. Greenish, semi-massive zones are also found, likely consisting of serpentine. The host rock is an anorthosite containing over 90% labradorite crystals and/or gabbroic anorthosites richer in amphibolites and/or pyroxenes.
Current Exploration Activities (2009 to 2011)
In 2009, work carried out by Argex consisted of a helicopter-borne survey. The 418.5-kilometre (260.0 mi)-line survey conducted was in November 2009 and consisted of a magnetic, electromagnetic (VLF) and spectrometric survey. Following analysis of the survey results, Argex decided to carry out diamond drilling on showings in the Hervieux-Est and Hervieux-Ouest sectors. A total of 20,294 metres (66,581 ft) were drilled on the La Blache Property, including 10,936 metres (35,879 ft) on Hervieux-Est and 9,358 metres (30,702 ft) on Hervieux-Ouest. The drilling campaign was aimed at confirming the historical values of the 1964 drilling campaign.
In 2010, two other phases were recommended. Phase 1 consisted of a resource evaluation on the two zones drilled by the drilling campaign during the winter of 2009–2010 by Argex for a metallurgical flowsheet for Vanadium and Chromium recovery and mini plant testing. Phase 2 consists of outcrop stripping and mapping, prospecting and a sampling program in order to uncover new mineralized zones where the company might be able to establish new mineral resources.
In January 2011, the company released a revised NI43-101 Technical Report which stated the results of the drilling confirmed the grades historically observed in previous drilling.
Historic Exploration Activities
Exploration in the sector of the La Blache Property began in the 1950s.
In the La Blache Property area, the first outcrops of titaniferous magnetite found in an anorthosite were discovered at Schmoo Lake in 1952 by Anglo-Canadian Pulp and Paper Mills Ltd., which later founded the Bersimis Mining Company. From 1951 to 1954, the Bersimis Mining Company performed airborne and ground dip-needle magnetic surveys, geological mapping, surface sampling and assaying, as well as metallurgical testing. Four iron lenses distributed over a distance of 15 kilometres (9.3 mi) were identified: Hervieux-Ouest, Hervieux-Est, Schmoo Lake and La Blache East. This was followed by 20 exploration drill holes done in 1964 which showed several intersections of major strength containing more than 45% Fe and 15% TiO2.
In 1980, three concessions totalling nine claims were staked on behalf of Les Ressources Camchib Inc. covering the Hervieux-Ouest, Hervieux-Est and Schmoo Lake lenses. Salamis (1980) from Ressources Camchib concluded the titaniferous magnetite lenses of La Blache contained large amounts of iron, titanium and possibly chrome and vanadium. The claims were abandoned soon after.
Sampling, assaying and metallurgical testing of the ilmenite portion of the mineralization was done in 1992 at the Hervieux-Ouest lens. Gaspésie société d'exploration pétrolière et minière Inc. was the owner of ten claims at the time. Sampling for metallurgical testing was done by a geologist employed by BHP-UTAH. The samples were processed in the laboratories of BHP-UTAH in order to derive an ilmenite concentrate. BHP-UTAH recommended further work to locate concentrations of economic ilmenite on the property. According to BHP-UTAH economically viable ilmenite contains 46% to 50% TiO2. In 1993, Gaspésie société d'exploration pétrolière et minière Inc. prospected and mapped the Hervieux-Est and Ouest lenses. Despite the ilmenite potential of the Hervieux Est and Ouest lenses, average grades of 5% to 10% ilmenite was found to be insufficient and no further work was recommended.
In 2006, Fancamp Exploration Ltd. performed metallurgical testing on two samples of titaniferous magnetite from the Hervieux-Est lens.
Current Resource Estimates (2011)
With only 2 of the 3 known lenses used to define the historic estimate drilled, Argex reported a NI 43–101 compliant resource estimate with over 70% in the measured and indicated categories. The resource estimate included: 30,888,000 tonnes measured and indicated and 13,013,000 tonnes inferred resource estimate grading >44% iron (63.36% Fe2O3), >11% titanium (18.67% TiO2) and >0.24% vanadium (0.43% V2O5). The estimate used an average world price for high quality TiO2 pigment of approximately US$2,400 per metric tonne, until 2015, and showed that the TiO2 price is forecast to double to US$4,800 per metric tonne.
Results by specific geographic areas are as follows:
- West Hervieux Measured + Indicated Resource of 18,440,000 tonnes with in situ grade of 44.32% Fe (63.36% Fe2O3), 11.36% Ti (18.95% TiO2) and 0.26% V (0.46% V2O5)
- West Hervieux Inferred Resource of 4,173,000 tonnes with in situ grade of 44.14% Fe (63.11% Fe2O3), 11.40% Ti (19.02% TiO2) and 0.27% V (0.48% V2O5)
- East Hervieux Measured + Indicated Resource of 12,448,000 tonnes with in situ grades of 44.19% Fe (63.18% Fe2O3), 11.12% Ti (18.55% TiO2) and 0.24% V (0.43% V2O5)
- East Hervieux Inferred Resource of 8,840,000 tonnes with in situ grade of 44.10% Fe (63.05% Fe2O3), 11.09% Ti (18.50% TiO2) and 0.23% V (0.41% V2O5)
The report also concluded that the East Hervieux deposit is in large part open at dept and that the property "has sufficient merit to warrant further exploration and development to fully develop its iron, titanium and vanadium potential."
Historic Resource Estimates
Total historical estimates for the La Blache Property (Bersimis Mining Company, 1964) were 79 million tons at 48% Fe, 20.5% TiO2, 0.19% Cr and 0.36% V2O5. This estimate is historical in nature, non-compliant to NI 43–101 Mineral Resources and Mineral Reserves, and therefore should not be relied upon.
Metallurgy/Resource Extraction Process
In 2010 Argex contracted with Process Research ORTECH of location to develop a process to extract the Ti02 product from this deposit. In February 2011, PRO reported the production of high purity 99.8% titanium dioxide (TiO2) by employing a process developed for the La Blache deposit that consisting of crushing, grinding, leaching, solvent extraction, followed by precipitation and calcination to obtain high purity TiO2 product.
The patented closed-loop process using leaching of titanium-bearing ore material in acid under conditions with both the iron and the titanium in the ore leached into solution. The process is energy efficient and operates at atmospheric pressure and does not require oxidation and/or reduction in advance. The process operates with low concentrations of hydrochloric acid and avoids the need to handle chlorine, carbon or carbon containing chemicals at very high temperatures.
Impurity levels of iron (Fe), vanadium (V) and chrome (Cr) in the calcined product was <100 ppm, 8.5 ppm and <0.5 ppm respectively. The mean particle size of the product was ~15 micron. The TiO2 product was rutile. The recovery rate of the TiO2 from the ore material is in excess of 85% with target recovery of 90% in phase III test work.
The process has been patented US patent 7,736,606 B2 and Canadian patent 2,513,309 and the patents are owned by Canadian Titanium Ltd. On February 14, 2011 Argex announced the signing of a letter of intent (LOI) with the principals of Canadian Titanium Ltd. for the purchase of up to a 50.1% interest in CTL for a total consideration of $1 million and 2 million shares of Argex to be paid on the successful completion of certain milestones and a 2% royalty on Argex titanium dioxide (TiO2) production.
On September 28, 2011 Argex announced that had entered into a definitive Share Purchase Agreement with the shareholders of Canadian Titanium Limited (CTL) to acquire a 50.1% ownership interest in CTL. The consideration for the purchase of 50.1% of the outstanding shares of CTL will consist of payment by Argex to the selling shareholders of $1 million as well as 2 million Argex common shares.
Phase II of the metallurgical testing consisted of test work for the recovery of Vanadium and Chromium product from Titanium solvent extraction raffinate. Test work for Phase II is now complete and Argex is awaiting the final report with Phase II results.
Phase III of the metallurgical testing will consist of the bench scale continuous testing, or "mini-plant", for the thermal precipitation of titanium dioxide. The Phase III metallurgical testing is expected to commence on or about February 14, 2011. A purported demonstration of the process was captured in a video posted on the Internet.
The Mouchalagane property is located generally at Latitude 51° 45' N and Longitude 69° 30' W. (NTS 22N/14) The Mouchalagane Iron Property consists of 637 claim blocks covering 33,413 hectares (82,570 acres) or 334.13 km2 (129.01 sq mi) located in Quebec's North Shore region. The Mouchalagane Iron Property is located north-west of the Manicouagan Reservoir. This reservoir feeds the Manic-F Generating Station.
The Mouchalagane Project covers 172 km2 (66 sq mi) and consist of a group of 3 iron ore properties referred to as "Hanna", "Consolidated Morrison" and "Fortin".
The rocks of the Mouchalagane Property are dominated by paragneisses (RP521) of detritic or of chemical origin. The detritic types are composed of biotite gneisses, biotite-muscovite gneisses, biotite-hornblende gneisses, amphibolites with or without garnets, calcareous gneisses and quartzites constitute approximately 80% of the paragneissic suite. The paragneisses of chemical origin include ferrous lithologies, quartzites, garnet schists and crystalline limestones. These paragneisses still show bedding features varying from 2 millimetres (0.079 in) to 1.3 metres (4.3 ft) thick. The quartzites are distinguished from the ferrous rocks by their low iron oxide content. Even though very hard, these rocks were subjected to strong deformation and very tight folding. Schistosity in general parallels bedding. Folding affects all rocks of the region. There are at least two periods of deformation. The east-west compression causing the north-south folds is responsible for the dominant schistosity.
The geology is taken from the descriptions contained in a number of company and MRNFQ geological reports from the 1950s and 1960s (GM07618, GM06791-A, DP174 and RP521). Lithologies are all of sedimentary origin and are divided into gneisses (or paragneisses), marbles, quartzites and iron formations.
Gneisses are an aggregate of a variety of layered rocks with alternating light gray to dark laminations. It is composed mainly of quartz with feldspar and biotite. Small garnet crystals are well developed and hornblende is sometimes present. In areas where there is greater deformation, schistosity is well developed and a porphyroblastic texture is present. The gneisses are stratigraphically overlain by marbles.
Marbles (or crystalline limestone) are located at the base of the iron formations. They are generally grey limestones. They are compositionally quite variable depending on the impurities present and degree of metamorphism. They range from pure white marbles to tremolite-silicate varieties and are generally very coarse grained.
The quartzites are white to vitreous and opalescent, and contain different proportions of specular hematite that define layering. They are finely laminated with large quartz crystals, can be steel grey with the increasing content of specular hematite. The other rare minerals found are micas and traces of chlorite, apatite, epidote and garnet.
The ferrous rocks are mainly composed of two facies. The specular oligistic facies composed of 15 to 40% hematite with quartz. The proportion between these two minerals varies from one bed to the next. Magnetite is a minor constituent. This facies corresponds to Campbell's "Quartzite Ore" (GM07618). The highly magnetized magnetite facies is black and fine grained. The magnetite often alternates with silicate and carbonates. This facies corresponds to Campbell's "Silicate Ore" (GM07618).
The iron formations are highly folded and beds are repeated with the true width of the unit estimated to be of more than 100 metres (RP521).
Current Exploration Activities (2009 to 2011)
During 2010, Argex completed a 2,447 km (1,520 mi) airborne geophysical survey that identified more than 40 km (25 mi) of iron formation strike length. The results of this survey were released to the public in January 2011. In February 2011, Argex announced it had further increased the size of the Mouchalagane property by staking from an original 101 to 332 km2 (39 to 128 sq mi) following interpretation of the airborne geophysical survey and from drilling on the property. The survey identified a 40 km (25 mi) long magnetic anomaly that corresponded with iron formations previously mapped.
In September 2011, the company released an updated 43–101 Technical Report on the property. The report reported that a total of 12 iron occurrences were historically identified on the Property according to historical data not verified by a Qualified Person. The occurrences are linked to more or less continuous, but highly folded, iron formations, ranging in thickness between 50 and 100 metres (160 and 330 ft), for a distance of 10 kilometres (6.2 mi). Samples taken from the iron formation have shown up to 37.71% Fe. On the basis of the authors' review and evaluation of the historical work, the authors recommended that a two-phase exploration program be initiated to define the areas of the Property of economic interest. The Phase 1 exploration would consist of model and target validation, ncluding mapping, prospecting and sampling, in order to validate the continuity of iron grades at the surface, followed by drilling delineation (15,000 metres or 49,200 feet). The proposed Phase 1 budget is $5,918,800. The Phase 2 exploration would consist of drilling definition (60,000 metres or 197,000 feet). The proposed Phase 2 budget is $16,551,000.
Historic Exploration Activities
Exploration on the Mouchalagane Iron Property began in the 1950s. The first available drill data was from a drill campaign in 1952–1953 followed by a map of part of the area of the Mouchalagane Iron Property in the Matonipi Lake region that showed several iron showings (Mont South, Mont Barn, Parr Lake North, Crazy Lake and Everett Lake) spread out over four claim blocks from that time. These claims are now part of the original North Mouchalagan claim block that Argex acquired as part of its qualifying transaction.
In 1957 and 1958, geological mapping, a magnetic survey, 11 exploration drill holes and metallurgical testing were completed on the Moore Claims. Further metallurgical and metal content testing was done in 1960 at more than 12 sites in the Matonipi Lake region. In 1957, Consolidated Morrison Exploration Ltd. undertook geological and magnetic surveys on adjacent properties to the Moore Claims in the Lake La Roque region. This area consists of 95 claims and was divided into two properties: West property and East property. Four separate zones of iron oxide mineralization were found. The Matonipi Lake region was mapped by J. Bérard of the MRNFQ at the beginning of the 1960s. Hanna Mining and Matonipi Mines were very active in the Moore Claims during 1962 and 1963 with geological, magnetic and gravimetric surveys, exploration drilling and metallurgical testing. In 1975, a last series of metallurgical tests were done on core samples. It was not until 2006 that Fancamp Exploration and The Sheridan Platinum Group Ltd. re-initiated exploration in the area.
Historic Resource Estimates
The Hanna and Morrison properties have an historical estimate that is non compliant under National Instrument 43–101 of 300+ millions tonnes, with historical grades ranging from 31% to 36% Fe.
Current Resource Estimates (2011)
On September 26, 2011 the company announced that it had received a conceptual estimate of the resource, as defined by the National Instrument 43–101 Standards of Disclosure for Mineral Projects. The conceptual estimate is based on the historical work completed on the property and the airborne magnetic survey data acquired by Geophysics GPR International Inc. for Argex in November 2010. The conceptual estimate is intended to demonstrate the potential tonnage and grade, expressed as ranges, of the mineralized iron formations occurring on the Mouchalagane property. The analysis of the exploration potential also has the objective of prioritizing the iron formations in preparation for an initial drilling program to be conducted on the property. The overall conceptual tonnage estimated for Mouchalagane ranges between 940 million tonnes (930,000,000 long tons; 1.04×109 short tons) and 2.31 billion tonnes (2.27×109 long tons; 2.55×109 short tons) of magnetite and hematite-rich mineralization at a grade of 30% to 35% Fe total.
Origins as Capital Pool Company
Argex originated as a Capital Pool Company listed on the TSX Venture Exchange known as "Argex Silver Capital Inc." It completed its qualifying transaction by acquiring the assets of 7013833 Canada Corp which had previously acquired a series of mining claims described in the following section. 7013833 Canada Corp. is a privately held company controlled by Francois Dumas.
On January 28, 2010, Argex announce that hired Michael Dehn as President and CEO, and appointed him a director of the company.
At its Annual General Meeting on June 20, 2011, Argex announced the appointment of Robert Guilbault (former President and Chief Executive Officer of Aluminerie Allouette Inc.) to the board of directors. Mr. Roy Bonnell was appointed as the new President and CEO and former CEO Michael Dehn assumed responsibility for the development and commercialization of the company's technologies and third-party licensing, as well as industry and end-user relationships. On June 28, 2011 the company announced the appointment of Mazen Haddad as a Director of the company. On July 12, 2011 the company announced Robert Guilbault, the former President and Chief Executive Officer of Aluminerie Allouette Inc. would become Chairman of its Board of Directors.
On January 10, 2011, the Company incorporated Impact Iron Mines Inc., a wholly owned subsidiary of Argex. The Company intends to transfer all of its Mouchalagane claims into Impact Iron Mines Inc.
Property Acquisition Transactions
The La Blache Property was acquired in November 2008 by 7013833 Canada Corp. ("7013833"),through an agreement with Jean Fortin and Explorations J.F. Inc., 7013833 acquired a 100% interest in 139 claims comprising part of the Mouchalagane Property owned by J.F. Inc. by: issuing 500,000 redeemable preferred shares to the J.F. Inc., with a par value of $1.00 (which were exchanged for 2,000,000 common shares of 7013833 at the closing of its Qualifying Transaction; (ii) paying $10,000 to J.F. Inc. and (iii) entering into a net smelter return royalty agreement with J.F. Inc, granting a 2% net smelter return royalty. 7013833 may repurchase the net smelter return royalty agreement from J.F. Inc., at any time, up to 50% of the net smelter return royalty for a total amount of $500,000.
The Mouchalagne and additional La Blache Properties were acquired in August 1, 2008 by 7013833 from Fancamp Exploration Ltd. and The Sheridan Platinum Group Ltd. 7013833 acquired a 100% interest in 46 claims comprising part of the Mouchalagane and La Blache Properties owned by Fancamp and Sheridian by: (i) issuing 1,500,000 redeemable preferred shares to the vendors, each having a par value of $1.00 (which were exchanged for 6,000,000 common shares of 7013833 at the closing of its Qualifying Transaction); (ii) paying $175,000 to the Sheridan Vendors over a two-year period; (iii) entering into a net smelter return royalty agreement with the vendors, granting the a 2% net smelter return royalty (which will increase to 4% after two years of commercial production); and (iv) making an advance royalty payment of $100,000 on the third anniversary date of the agreement. Pursuant to the net smelter return royalty agreement, 7013833 may repurchase from the vendors, at any time, up to 50% of the net smelter return royalty for a total amount of $1,500,000.
In another purchase agreement dated August 1, 2008 between 7013833 acquired a 100% interest in 18 claims comprising part of the La Blache Property owned by Fancamp by: (i) issuing 1,500,000 of redeemable preferred shares to Fancamp, each with a par value of $1.00 (which were exchanged for 6,000,000 common shares of 7013833 at the closing of its Qualifying Transaction); (ii) paying an aggregate amount of $175,000 to Fancamp over a two-year period; (iii) entering into a net smelter return royalty agreement with Fancamp, granting a 2% net smelter return royalty which will increase to 4% after two years of commercial production); and (iv) making an advance royalty payment of $100,000 on the third anniversary date of the agreement. Pursuant to the net smelter return royalty agreement, 7013833 may repurchase from Fancamp, at any time, up to 50% of the net smelter return royalty for a total amount of $1,500,000.
A final acquisition agreement dated November 10, 2008 and amended on February 23, 2009, between Argex and 7013833. Pursuant to the agreement, Argex acquired a 100% interest in the Mouchalagane and La Blache Properties upon the completion of its qualifying transaction on October 30, 2009 by: (i) issuing an aggregate of 17,000,000 common shares to 7013833; (ii) paying an aggregate amount of $580,000 to 7013833; (iii) issuing 8,000,000 common share purchase warrants (the "First Milestone Warrants") to 7013833; (iv) issuing 8,000,000 common share purchase warrants (the "Second Milestone Warrants") to 7013833. The foregoing 17,000,000 common shares of Argex are subject to an escrow agreement providing for a gradual release over a period of 48 months from the closing date of the Qualifying Transaction. Each First Milestone Warrant entitles the holder to subscribe for one additional common share of Argex, for no additional consideration, upon the completion of a technical report prepared by an independent qualified person and compliant with Regulation 43–101 demonstrating at least 80 million tonnes (79,000,000 long tons; 88,000,000 short tons) of measured resources (as defined under CIM standards) averaging 30% Fe (iron) and 10% Ti (titanium) in the Mouchalagane and La Blache Properties. Each Second Milestone Warrant will entitle the holder thereof to subscribe for one additional common share of Argex for no additional consideration, upon the completion of a technical report prepared by an independent qualified person and compliant with Regulation 43–101 demonstrating at least 300 million tonnes (295,000,000 long tons; 331,000,000 short tons) of measured resources (as defined under CIM standards) averaging 30% Fe (iron) and 10% Ti (titanium) in the Mouchalagane and La Blache Properties.
Significant Stock Transactions
As part of its qualifying transaction on October 30, 2010, Argex completed a private placement of 16,280,000 A Units and 4,004,000 B Units at a price of $0.25, for total proceeds of $5,071,000. Each Unit A is made up of one flow-through Common Share and one common share purchase warrant entitling the holder to purchase one non-flow-through Common Share at a price of $0.40 per share until October 30, 2011. Each B Unit is made up of one Common Share and one Warrant. The MineralFields Group participated in this placement, subscribing for 7,600,000 A Units for a subscription price of $1,900,000. Argex paid cash commissions and issued 1,720,000 finder's warrants to certain companies involved in the placement. Each Finder's Warrant entitles the holder to purchase one B Unit at a price of $0.25 per unit until October 30, 2011.
At the time of the qualifying transaction, 7013833 Canada Corp. gained 17,000,000 Common shares subject to an escrow agreement providing for a gradual release after a minimum period of 48 months and a maximum period of 72 months from the closing date of the qualifying transaction (October 30, 2009), and has access to 16,000,000 Milestone Warrants at certain milestones described above. Of these shares 14 million were provided to the original property holders to replace their preferred shares in 7013833 Canada Corp, and 3 million were provided to the common shareholders of 7013833. All of the milestone warrants were distributed to the common shareholders of 7013833. As a result, at the time of the transactions described above, significant share and warrant holders of Argex included: Fancamp Exploration Ltd., Sheridian Platinum Group, Exporation JF Inc, DumasBancorp ULC, Christian Wirth, Tsai Investment ULC, G&O Energy Investment Ltd., L.A.D. Ltd.
On September 29, 2010, Argex completed a private placement and issued 17,500,000 special warrants at a price of $0.30. Each Special Warrant entitles its holder to purchase, one common share and one common share purchase warrant of Argex. Each Warrant entitles its holder to purchase one additional Common Share at a price of $0.52 until September 29, 2014.
According to the company's it is capitalized in the following way:
|January 2011||May 2011|
|Outstanding Shares (basic)||74,721,800||88,725,304|
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