Argyle Announces Private Placement Offerings

Calgary, Alberta--(Newsfile Corp. - December 12, 2024) - Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME0) ("Argyle" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement financing (the "FT Private Placement") of units of the Company ("FT Units") at a price of $0.54 per FT Unit for aggregate gross proceeds of up to $1,000,000. Each FT Unit shall consist of one common share in the authorized share structure of the Company ("FT Share") and one common share purchase warrant ("FT Warrant"), with each FT Warrant entitling the holder thereof to purchase a common share at an exercise price of $0.65 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.

The Company is also pleased to announce that it intends to complete a non-brokered private placement financing (the "Concurrent Private Placement") of units of the Company ("Concurrent Private Placement Units") at a price of $0.54 per Concurrent Private Placement Unit for aggregate gross proceeds of up to $300,000. Each Concurrent Private Placement Unit shall consist of one common share in the authorized share structure of the Company (a "Common Share") and one common share purchase warrant ("Concurrent Private Placement Warrant"), with each Concurrent Private Placement Warrant entitling the holder thereof to purchase a Common Share at an exercise price of $0.65 for a period of 24 months from the date of issuance.

Closing of the FT Private Placement and the Concurrent Private Placement is anticipated to occur in one or more tranches, and by on or about December 20^th, 2024 (the "Closing Date"). Closing is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals. All securities to be issued under the FT Private Placement and the Concurrent Private Placement will be subject to a statutory hold period of four months and one day from the Closing Date.