Argyle Resources announces the closing of its private placement offerings

Calgary, Alberta – (Newsfile Corp. – December 23, 2024) – Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME0) (“Argyle“or”a company“”) is pleased to announce the closing of the previously announced non-brokered private placement (“FT Private Placement“) for gross proceeds of US$1,002,500.14 through the issuance of 1,855,926 units (“Feet units“) at a price of US$0.54 per FT unit. Each FT unit consists of one common share in the authorized stock structure of the Company (each “Share FT“) and one common stock purchase warrant (each “FT note“), with each FT Warrant entitling the holder thereof to purchase one common share at an exercise price of $0.65 for a period of 24 months from the date of issuance.

FT shares are intended to qualify as “flow through shares” within the meaning of the Income Tax Act (Canada) (“Tax lawThe gross proceeds from the issuance of FT Units will be used to defray “Canadian exploration expenditures” deemed to be “critical flow-through mining expenditures”, as those terms are defined in Income tax law (Canada) (“Tax conditionert”), which the company intends to waive to subscribers in accordance with the tax law.

The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any U.S. securities laws, and may not be offered or sold in the United States absent registration or available exemptions from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, or in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Argyle Resources

Argyle Resources Corp. is a small mineral exploration company engaged in the acquisition, exploration, accumulation and evaluation of natural resource properties in North America. The Company currently has an option to acquire up to 100% of the ownership of Frenchvale Graphite located in Nova Scotia, Canada and holds a 100% interest in the Pilgrim Island, Matapedia and Lac Comporte quartzite silica projects in Quebec, Canada. Argyle participates in a research partnership with INRS, a high-level research and training institute funded by the Quebec government to conduct exploration programs at the company’s silica projects. The company was founded in 2023 and its head office is located in Calgary, Alberta, Canada.

Forward-looking statements

This press release contains forward-looking statements and other statements that do not represent historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “expect,” “anticipate” and similar expressions. All statements, other than statements of historical fact, contained in this press release are forward-looking statements that involve risks and uncertainties. Such statements cannot be guaranteed to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, the risks detailed from time to time in filings the Company makes with securities regulators. The reader is cautioned that the assumptions used in preparing any forward-looking information may prove to be incorrect. Events or conditions may cause actual results to differ materially from those anticipated, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control.

Factors that could cause actual results to differ from forward-looking statements or could affect the operations, performance, development and results of the Company’s business include, among others, that mineral exploration is inherently uncertain and may not be successful in achieving desired results; that mineral exploration plans may change and be re-determined based on a number of factors, many of which are beyond the Company’s control; The Company’s ability to access sources of debt and equity capital; Competitive factors, pricing pressures, and supply and demand in the company’s industry. Although such information is considered reasonable by management at the time of preparation, it may prove incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will publicly update or revise any included forward-looking statements as expressly required by applicable law.

The Canadian Securities Exchange (CSE) has not reviewed, approved or disapproved the contents of this news release.