Argyle Resources plans C$500,000 private placement for exploration

Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME0) announced plans to complete a non-brokered private placement for gross proceeds of up to C$500,000. The offering consists of up to 3,333,333 units priced at C$0.15 per unit.

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

The company intends to use net proceeds for Canadian exploration expenses that qualify as flow-through mining expenditures under the Income Tax Act (Canada). These expenses can be renounced to purchasers of the flow-through shares.

The private placement requires customary closing conditions, including approval from the Canadian Securities Exchange. Securities issued will be subject to a statutory hold period of four months and one day. Argyle may compensate finders in accordance with CSE rules.

Argyle Resources is a junior mineral exploration company that owns interests in multiple projects across Canada, including the Pilgrim Islands, Matapédia, Lac Comporté and Saint Gabriel quartzite silica projects in Quebec. The company also holds options on the Clay Howell Rare Earths Project in Northern Ontario and the Frenchvale Graphite Property in Nova Scotia.

The company was incorporated in 2023 and maintains its head office in Calgary, Alberta. Argyle has established a research partnership with the National Institute of Scientific Research to conduct exploration programs on its silica projects.

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