KELOWNA, BC, Dec. 24, 2020 /CNW/ - Further to news releases on
December 11 and 17, 2020, Metalex
Ventures Ltd. (MTX: TSXV) (the "Company") is pleased to
announce the closing of the first tranche of its private placement
(the "Placement"), resulting in gross proceeds of
$309,000. This tranche
consisted of the issuance of 3,270,587 flow through shares ("the
shares") and 442,857 non flow through units ("the units").
The shares were sold at a price of $0.085 per share and units were sold at a price
of $0.07 per unit; each unit is
comprised of one common share and one-half warrant. Each full
warrant entitles the holder to acquire a further common share of
the Company at a rate of $0.10 for a
term of two years.
All securities issued in the Placement are subject to a hold
period expiring April 24, 2021.
Finders' fees of $18,550 were paid in
connection with this tranche of the Placement.
Proceeds from the Placement will be applied to the upcoming
exploration program on the Company's Quebec program, as well as for general working
capital of the Company.
As approved by the shareholders at the Annual General Meeting
held December 4, 2020, the Company
intends to settle $2.75 million in
outstanding indebtedness owing to Kel-Ex Development Ltd., a
company owned by Metalex's Chairman of the Board, Dr. Charles Fipke, through the issuance of
32,352,941 common shares at a deemed price of $0.085 per share. The debt settlement is
subject to approval of the TSX Venture Exchange.
Signed,
Charles Fipke
Charles Fipke
Chairman
Forward Looking Statements
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and
uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration and financing
results, and future plans and objectives of the Company are forward
looking statements that involve various risks. The following
are important factors that could cause the Company's actual results
to differ materially from those expressed or implied by such
forward looking statements: changes in the world wide price of
mineral commodities, general market conditions, risks inherent in
mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
There can be no assurance that forward-looking statements will
prove to be accurate as actual results and future events may differ
materially from those anticipated in such statements. In
particular there is no assurance that the Offering detailed herein
will complete in full or at all. Metalex undertakes no obligation
to update such forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on such forward-looking
statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Metalex Ventures Ltd.