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NEWS RELEASE |
Monday, May 11, 2009
Shares For Debt Settlement And Incentive Options Issued
Vancouver, B.C., May 11, 2009 - Argus Metals Corp. (the "Company") announces that it has entered into agreements with certain creditors, including directors and officers of the Company, to settle debts up to $150,000 by the issuance of 1,500,000 common shares of the Company at a price of $0.10 per share.
Company management acknowledges the support of its creditors and insiders who have worked with the Company during these challenging times.
The shares to be issued will be subject to a four-month hold period. The issuance of the common shares is pursuant to the hardship rules and is subject to the approval of the TSX Venture Exchange. Following the issuance of the common shares for debt settlement, there will be up to 5,390,664 common shares of the Company issued and outstanding.
The Company also announces the grant of incentive stock options under the Company's stock option plan to directors, officers and consultants of the Company to purchase up to an aggregate of 380,000 treasury shares. The options are exercisable at a price of $0.10 per share for a period of five years, and are subject to the policies of the TSX Venture.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins
President and CEO
For further information, please contact:
Argus Metals Corp.
350-580 Hornby St,
Vancouver BC, V6C 3B6
Telephone: (604) 687-2471
Facsimile: (604) 687-2472
Website:
www.argusmetalscorp.comNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.FORWARD LOOKING INFORMATION DISCLAIMERCertain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable securities legislation, including statements concerning our plans to raise private placement funds and settle debts. Each of these activities involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Risks include delays in obtaining or failure to obtain required TSXV or shareholder approvals. There is no assurance the Company will be able to raise any equity financing. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
You can also view this News Release on our website at:
http://www.bluerockresources.com/s/NewsReleases.asp?ReportID=347319