Argyle closes $500,000 first tranche of offering

Executive Summary

• Argyle Resources Corp. has closed the first tranche of its previously announced life offering, raising C$500,000 in aggregate gross proceeds.
• The units were priced at 20 cents per unit, with each unit consisting of one common share and one share purchase warrant.
• The company incurred finder's fees totaling $16,800 in cash and 84,000 common share purchase warrants.

Key Details

• Transaction Structure: Closed first tranche of a previously announced offering of units.
• Price: 20 cents per unit.
• Gross Proceeds: C$500,000.
• Unit Composition: Each unit comprises one common share in the authorized share structure plus one share purchase warrant.
• Warrant Terms (Investors): Each warrant entitles the holder to purchase one share at an exercise price of 27 cents for a period of 24 months.
• Regulatory Basis: Issued under the listed issuer financing exemption under Part 5A.2 of National Instrument 45-106, Prospectus Exemptions.
• Resale Restrictions: Units are not subject to resale restrictions pursuant to applicable securities laws.
• Finder's Fees:
  • Cash fees paid: $16,800.
  • Warrants issued: 84,000 common share purchase warrants.
  • Broker Warrant Terms: Exercisable for one common share at a price of 27 cents for a period of 24 months.
• Use of Proceeds: Legal and accounting expenses, marketing and advertising, mineral property exploration activities and expenditures, general working capital purposes, and as otherwise described in the offering document.