From the last FS:
Argex Silver Capital Inc.
The Company received 1,500,000 redeemable (face value $1,500,000) fully paid non-assessable shares of 7013833 Canada Inc., pursuant to an option agreement to sell its 100% interest in the Lac La Blache property. The preferred shares are secured by the property and will pay a 5% annual dividend.
The Company received a further 50% of 1,500,000 redeemable (face value $1,500,000) fully paid nonassessable shares of 7013833 Canada Inc., pursuant to an option agreement to sell its 50% interest in the Hanna/Consolidated Morrison properties. The preferred shares are secured by the property and will pay a 5% annual dividend.
On February 23, 2009, Argex Silver Capital Inc. (“Argex”) entered into an acquisition agreement to acquire all of the assets of 7013833 Canada Inc. As per this agreement and the subsequent qualifying transaction, the preferred shares have a redeemable face value of $1.00 per preferred share. The qualifying transaction was filed by Argex on May 11, 2009 whereby the total redeemable face value of the preferred shares will be convertible into common shares of Argex at the fair value price of Argex.
On October 30, 2009, Argex Silver Capital Inc. completed its qualifying transaction by way of acquisition of the assets of 7013833 Canada Inc. As a result, the Company has received 9,000,000 common shares of Argex Silver Capital Inc. in exchange for its 2,250,000 preferred shares of 7013833 Canada Inc. The common shares are subject to an escrow agreement expiring October 30, 2013.
The quoted market price of the shares of Argex was $0.57 as at April 30, 2011 (2010 - $0.315).
