Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME0) is pleased to announce that it has closed its non-brokered private placement financing of units of the Company at a price of $0.58 per FT Unit for gross proceeds of up to $1,712,800.

Each FT Unit consists of one common share in the authorized share structure of the Company and one-half of one common share purchase warrant. Each whole FT Warrant will entitle the holder thereof to purchase one common share at an exercise price of $0.68 for a period of 24 months from the date of issuance.

The FT Shares are intended to qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada) (the “Tax Act“). The gross proceeds from the sale of the FT Shares will be used to incur “Canadian exploration expenses” that are intended to qualify as “flow-through mining expenditures” as those terms are defined in the Tax Act, which the Company intends to renounce to the purchasers of the FT Shares.

All securities issued in connection with the FT Private Placement will be subject to a statutory hold period of four months and one day from the Closing Date.

As consideration for the services rendered by certain finders, the Company paid, in aggregate, a cash payment of $102,767.98 and issued 177,180 non-transferable common share purchase warrants, with each Broker Warrant exercisable for one common share of the Company at a price of $0.68 for a period of twenty four months.

The proceeds from the FT Private Placement will be used to advance the Company’s exploration activities at its properties in Québec and Ontario.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state 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 a 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 Corp.

Argyle Resources Corp. is a junior mineral exploration company engaged in acquiring, exploring, staking, and evaluating natural resource properties in North America. The Company holds 100% interests in the Pilgrim Islands, Matapedia, Lac Comporté, and Saint Gabriel quartzite silica projects in Québec, and the Clay Howells rare earth element project in Ontario. The Company is engaged in a research partnership with the INRS, a high-level research and training institute funded by the Québec government.