Argenta Closes 2nd Tranche of Private Placement

Argenta has closed the final tranche of its private placement of units through the issuance of an additional 4,625,000 units for gross proceeds of $185,000. When combined with the previously disclosed first tranche, Argenta issued a total of 55,125,000 units at a price of $0.04 per unit for gross proceeds of $2,205,000.

Each unit comprised one common share and one-half of one common share purchase warrant with each full warrant entitling 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 date of the private placement. The securities issued are subject to a four month hold period.

Toll Cross Securities Inc. acted as the exclusive agent in connection with the private placement and received a commission of $132,300 and 3,307,500 broker warrants with each broker warrant being 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.
 

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