Argex Titanium Inc.

Proposal

^{Page last updated: January 15, 2020}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status of file as of January 14, 2020

TAKE NOTICE that, on the 14th day of January 2020, the Superior Court of Québec issued an order approving and ratifying the proposal of Argex Titanium Inc. dated November 14, 2019, accepted by the creditors at a meeting held on the 5th day of December 2019.

Status of file as of December 18, 2019

An application will be made to the Court, on the 14^th day of January 2020, at 9:00 a.m., on room 2.02 of the Laval courthouse, located at 2800 St-Martin Blvd. West, Laval, Québec  H7T 2S9, to approve the proposal of Argex Titanium Inc., accepted by the creditors at a meeting held on the 5^th day of December 2019.

Status of file as of November 22, 2019

On November 14, 2019, Argex Titanium Inc., has filed a proposal with the Official Receiver. Please note that a general meeting of the creditors will be held at the office of the Superintendent of Bankruptcy, Sunlife Building, 1155 Metcalfe Street, 10th Floor, Room 1071, Montreal, Quebec  H3B 2V6 on the 5^th day of December 2019 at 10:00 a.m. to vote on the proposal. We refer you to the "Notice to creditors" section to consult the notice sent to creditors on November  22, 2019 containing the proposal, the voting letter and the proof of claim form. We refer you to the "Reports of the Trustee" section to consult the Report of the Trustee on the Financial Situation of the Debtor and on the Proposal accompanying the Notice of Proposal to Creditors.

Status of file as of October 8, 2019

On October 8, 2019, following the filing of a motion by Argex Titanium Inc., the Superior Court of Québec issued an order approving a third extension of the time for filing a proposal until November 28, 2019. We refer you to the order dated October 8, 2019 for more details.

Status of file as of August 30, 2019

On August 30, 2019, following the filing of a motion by Argex Titanium Inc., the Superior Court of Québec issued an order approving a second extension of the time for filing a proposal until October 11, 2019. We refer you to the order dated August 30, 2019 for more details.

Status of file as of August 16, 2019

1. Regarding the Investment and Sale Solicitation process, please note that the bidding deadline has been extended to August 21, 2019.
2. Regarding the Stalking Horse Investment Term Sheet presented by Mr. Mazen Alnaimi:

In reference to the proposal referred to in the section titled “Investment Amount” at subsection (iv), please be advised that the basket amount to be offered by the Investor to all unsecured creditors, to be shared on a pro rata basis of their proven unsecured claims, is $350,000. In addition, the proposal put forward by the Investor will stipulate that Mr. Alnaimi renounces the payment of any dividend on account of his unsecured claim, which amounted $604,894.40 as of June 13, 2019, in order to increase the quantum of the dividend to be paid to unsecured creditors. 

To be clear, this stipulation by Mr. Alnaimi to renounce to the payment of a dividend applies only to the proposal referred to in the attached Term Sheet - not to any other potential proposal that may be put forward to the creditors of Argex Titanium Inc. in the context of a competing bid, should any such bid arise.

Status of file as of July 16, 2019

On July 16, 2019, following the filing of a motion by Argex Titanium Inc., the Superior Court of Québec issued an order approving the extension of the time for filing a proposal until August 30, 2019. We refer you to the order dated July 16, 2019 for more details.

Status of file as at July 2, 2019

On July 2, 2019, following the filing of a motion by Argex Titanium Inc., the Superior Court of Québec issued an order approving an Interim Financing, an Investment and Sale Solicitation Process and a Key Employee Retention Program. We refer you to the order dated July 2, 2019 for more details.

Status of file as at June 18, 2019

Argex Titanium Inc. has filed with the Official Receiver a Notice of Intention to Make a Proposal pursuant to Subsection 50.4(1) of the Bankruptcy and Insolvency Act on the 18^th day of June 2019.