Argyle Resources closes $300,000 private placement

Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME0) completed a non-brokered private placement raising approximately $300,000 through the sale of 2 million units at $0.15 per unit, according to a company statement.

Each unit consists of one flow-through common share and one-half of one common share purchase warrant. The warrants allow holders to purchase one non-flow-through common share at $0.20 for 24 months.

The company will use proceeds for Canadian exploration expenses that qualify as flow-through mining expenditures under the Income Tax Act (Canada), which can be renounced to purchasers.

Argyle paid $18,000 in cash finder's fees and issued 120,000 finder's warrants in connection with the placement. Each finder's warrant is exercisable to acquire one common share at $0.20 for 24 months.

The securities are subject to a hold period of four months and one day. The company stated the securities have not been registered under U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemptions.

Argyle Resources is a junior mineral exploration company focused on natural resource properties in North America. The company owns interests in quartzite silica projects in Quebec and has an option on the Clay Howell Rare Earths Project in northern Ontario.

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