October 28, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Argentex Mining Corp. (TSX Venture: ATX) (OTCBB: AGXM) said that IFC, a member of the World Bank Group, has completed a private placement, investing net proceeds of Cdn$7,347,200 in the company.

In the private placement, IFC purchased 10,804,706 units from Argentex at a price of Cdn$0.68 per unit. Each unit consisted of one Argentex common share and one share purchase warrant.

Each unit warrant entitles the holder to purchase one additional common share of Argentex at a price of Cdn$1.14 for a period of five years after closing subject to an undertaking from IFC that it will not exercise unit warrants for so long as such exercise would result in it owning 20% or more of Argentex's issued and outstanding common shares immediately after giving effect to the exercise.

IFC offers mining clients in developing countries a range of financial and advisory services throughout the mining life cycle.

Argentex said it plans to use the proceeds of the private placement to fund exploration and development activities at Pinguino in the Santa Cruz province and other properties in the Patagonia region of Argentina, as well as for working capital and general corporate purposes.

Delaware-based Argentex Mining is a junior mining company in the exploration stage with holdings in the Patagonia region of Argentina. In total, the company owns 100% mineral rights to more than 35 properties with around 141,020 hectares of prospective land located in the Santa Cruz and Rio Negro provinces of Argentina, including the Pinguino property. 

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