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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2013) - Argentex Mining Corporation ("Argentex" or the "Company") (TSX VENTURE:ATX)(OTCQB:AGXMF) is pleased to announce that it has signed a Term Sheet with Austral Gold Limited ("Austral Gold") (ASX:AGD) pursuant to which Austral Gold has agreed that it or one of its affiliates (the "Purchaser") will purchase, in a private placement, 17,347,866 units (each, a "Unit") of the Company at a price of $0.2882 per Unit for gross proceeds of $5,000,000 (the "Financing"). Each Unit will consist of one Argentex common share (each a "Unit Share") and one-half of one share purchase warrant (each whole warrant a "Unit Warrant"), and each Unit Warrant will entitle the holder to purchase one additional Argentex common share at an exercise price of $0.40 for a period of 60 months from closing. The Unit Share price represents a 92% premium, and the Unit Warrant exercise price represents a 167% premium, to the closing price of the Company's common shares on the TSX Venture Exchange on March 22, 2013. |
