KELOWNA,
BC, Nov. 29, 2022 /CNW/ - Metalex
Ventures Ltd. (TSXV: MTX) (the "Company") announces that,
further to its news releases of November
22, November 25 and
November 28, 2022 announcing a
private placement (the "Offering"), the Company has closed the
first tranche of the Offering (the "First Tranche") and has
received $1,142,100 by the issuance
of 19,035,000 flow through units (the "FT Units"). The FT Units
were issued at $0.06 per FT Unit and
are comprised of a flow through share and one-half of a non-flow
through warrant. Each whole warrant entitles the holder to
acquire one common share of the Company at a price of $0.08 for a term of eighteen months from
closing.
Proceeds from the First Tranche will be used to fund the
upcoming drill program on the Company's Quebec project.
The Company is paying $79,527 in
finders' fees and is issuing 1,540,140 finders warrants in
connection with the First Tranche. The finders warrants have the
same terms as the warrants forming part of the FT Units but are
non-transferable.
The securities issued in the First Tranche are subject to a four
month hold period expiring on March 30,
2023.
Signed,
Chad Ulansky
Chad Ulansky
President and CEO
FORWARD LOOKING STATEMENTS: Certain of the statements and
information in this press release constitute "forward-looking
statements" or "forward-looking information", including statements
regarding the expected use of proceeds of the private placement.
Further, any statements or information that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "anticipates", "believes", "plans", "estimates",
"intends", "targets", "goals", "forecasts", "objectives",
"potential" or variations thereof or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking statements or information. The Company's
forward-looking statements and information are based on the
assumptions, beliefs, expectations and opinions of management as of
the date of this press release, and other than as required by
applicable securities laws, the Company does not assume any
obligation to update forward-looking statements and information if
circumstances or management's assumptions, beliefs, expectations or
opinions should change, or changes in any other events affecting
such statements or information. For the reasons set forth above,
investors should not place undue reliance on forward-looking
statements and information.
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.