Argus Metals Corp.: Close of Banyan Transaction, and Distribution of Shares

Thu Mar 7, 2013 10:47pm EST

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Marketwire

Argus Metals Corp.

March 7, 2013 - 10:46:55 PM

Argus Metals Corp.: Close of Banyan Transaction, and Distribution of Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 7, 2013) - 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES

Argus Metals Corp. (the "Company") (TSX VENTURE:AML) announces that further to
its news releases of September 10, 2012, October 9, 2012, December 5, 2012,
and December 21, 2012 the sale by the Company of its Hyland Property in the
Yukon to Banyan Gold Corp. ("Banyan") has closed, and the Company received
4,000,000 common shares of Banyan as partial consideration for the sale. The
Company has agreed to distribute all 4,000,000 of the Banyan shares to the
Company's shareholders as a dividend-in-specie.

The Company has received TSX Venture Exchange ("Exchange") confirmation that:
(i) the Banyan shares are to be released from escrow; and (ii) the 4,000,000
Banyan shares are to be distributed pursuant to the Exchange's new due bill
trading policy. The Banyan shares will remain subject to a four month hold
period expiring June 15, 2013. 

The Company had earlier set a record date of January 4, 2013 for this
distribution (see news release of December 21, 2013). That notice is
cancelled; and instead the Company announces that:



i.  the Record Date to determine shareholders of the Company entitled to
    receive Banyan shares is 
    March 18, 2013;
     
ii. the date due bill trading will commence is March 16, 2013 (two days
    prior to the Record Date);
     
iii.the payment or distribution date is estimated as March 29, 2013;
     
iv. the ex-distribution date will be the next trading day following the
    Payment Date (April 1, 2013); and
     
v.  the due bill redemption date will be the second trading day following
    the Payment Date (April 2, 2013). 



For clarification, "due bills" will represent the Banyan shares that the
Company's shareholders will be entitled to receive. The due bills will be
deemed to attach to the Company's common shares two trading days prior to the
Record Date, and will continue to attach to the Company's shares until the end
of the Payment Date. 

The Company is expected to have 3,618,113 common shares outstanding on the
Record Date, such that for each common share of the Company held, a
shareholder can expect to receive approximately 1.1055 Banyan shares. No
fractional Banyan shares will be issued, and will instead be rounded to the
nearest whole number.

The Company's joint venture with San Lorenzo DV Consulting S.C.R. Ltda (SLVD)
in Peru, pertaining to the Iron King property, has been terminated. Claims
held in the name of SLVD have been returned to SLVD and Argus has no retained
interest. Claims held in Argus' name remain in the name of Argus and SLVD has
no retained interest. The Company had earlier written down its investment in
the Peruvian joint venture project. 

ON BEHALF OF THE BOARD OF DIRECTORS 

Paul D. Gray, President, CEO

FOR FURTHER INFORMATION PLEASE CONTACT: 
Argus Metals Corp.
Paul D. Gray
President, CEO
info@argusmetalscorp.com
www.argusmetalscorp.com




        

Neither 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 release.
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