Argenta Closes First Tranche of Private Placement

Argenta has completed the first tranche of a private placement of 50,500,000 units at a price of $0.04 per unit for gross proceeds of $2,020,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant entitles the holder to purchase an additional common share at a price of $0.10 per share for a period of 18 months from the closing of the private placement. Toll Cross Securities Inc. acted as the exclusive agent in connection with the private placement and received a commission of $121,200 and 3,030,000 broker warrants. Each broker warrant is exercisable into one common share at a price of $0.04 per share for a period of 18 months from the closing of the private placement. The securities issued are subject to a four month hold period.

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