KELOWNA, BC, Dec. 30, 2020 /CNW/ - Further to news
releases on December 11 and 17, 2020,
Metalex Ventures Ltd. (TSXV: MTX) (the "Company") is
pleased to announce the closing of the second tranche of its
private placement (the "Placement"), resulting in gross
proceeds of $1,069,400. This
tranche consisted of the issuance of 12,004,706 flow through shares
("the shares") and 700,000 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 price of $0.10 for a
term of two years.
All securities issued in the Placement are subject to a hold
period expiring April 30, 2021.
Finders' fees of $70,590 were paid
and 830,529 finders' warrants were issued in connection with this
tranche of the Placement. Finders' warrants have the same
terms as the Placement warrants.
Proceeds from the Placement will be applied to the upcoming
exploration program on the Company's Quebec properties, as well as for general
working capital of the Company.
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.