Argyle Announces Closing of Private Placement

Executive Summary

• Argyle Resources Corp. closed a non‑brokered private placement of 2,000,000 units at $0.15 per unit, raising approximately $300,000 in gross proceeds.
• Each unit consists of one flow‑through common share and half of a common‑share purchase warrant (full warrant allows purchase at $0.20 for 24 months).
• Proceeds are earmarked for Canadian exploration expenses that qualify as flow‑through mining expenditures; finder's fees of $18,000 were paid and 120,000 finder’s warrants issued.

Key Details

• Units sold: 2,000,000 units @ $0.15 per unit → Gross proceeds: ~ $300,000.
• Unit composition: 1 flow‑through common share + ½ common‑share purchase warrant (full warrant exercisable at $0.20/share for 24 months).
• Finder’s compensation: $18,000 cash fees; issuance of 120,000 finder’s warrants (exercisable at $0.20/share for 24 months).
• Hold period: Securities subject to a four‑month and one‑day hold period.
• Use of proceeds: To incur Canadian exploration expenses that qualify as flow‑through mining expenditures under the Income Tax Act (Canada) and may be renounced to purchasers.
• Regulatory disclaimer: Securities not registered in the U.S.; offering restricted to non‑U.S. persons or where exemption applies.

Notable Quotes

(No executive quotes were included in the release.)