The 16 million milestone warrants, which were convertible into one common share of Argex Mining, have been cancelled.
The warrants were issued in connection with Argex's October 30, 2009 acquisition of mining claims in the Baie-Comeau region of north-eastern Quebec from vendor 7013833 Canada Corp.
Separately, Argex also announced it will issue 100,000 common shares to Exploration Esbec, for a three percent net smelter royalty owned by Esbec on the Lac Brule claims.
The securities issued to Esbec are subject to a four-month hold period which expires on September 10, 2012.
As a result of both the net smelter royalty deal and cancellation of milestone warrants, Argex has about 135.4 million shares on a fully diluted basis.
The company owns 100 percent of the Mouchalagane property, which is a large Labrador Trough iron ore property. It is a near-term producer of titanium dioxide, iron and vanadium pentoxide.
Titanium dioxide is an inorganic substance characterized by brightness and very high refractive index, making it an ideal pigment in paints, plastics and paper.
Argex is a junior Canadian resource company developing the advanced stage La Blache titaniferous magnetite project, and also owns the Lac Brule high grade ilmenite project, which are all located on Quebec's North Shore.