Argex Titanium files Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act (Canada)

2019-06-19 / @newswire

 

MONTREAL, June 18, 2019 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex") announced today that it has filed a Notice of Intention to Make a Proposal (the "Notice") pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) (the "BIA").

Pursuant to the Notice, PricewaterhouseCoopers Inc. has been appointed as the trustee in the proposal proceedings and will assist Argex in its restructuring efforts.

The filing of the Notice has the effect of imposing an automatic 30-day stay of proceedings that will protect Argex and its assets from claims from its creditors while it pursues its restructuring efforts. This 30-day period may be extended with authorization from the Superior Court of Quebec.

About Argex Titanium

Argex Titanium Inc. has developed an advanced chemical process for the volume production of high-grade titanium dioxide (TiO2) for use in high-quality paint, plastics, cosmetics and other TiO2 applications. The Corporation's unique proprietary process uses relatively inexpensive and plentiful source material from a variety of potential vendors to produce TiO2, along with other valuable byproducts. Argex's process provides a significant cost and environmental advantage over current legacy TiO2 production methods.

Forward-Looking Statements

This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of Argex, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate", "target" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Argex will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Argex's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in Argex's Annual Information Form for the fiscal year ended December 31, 2018, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forwardlooking statements. Argex does not intend, nor does Argex undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

 

SOURCE Argex Titanium Inc.

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