KELOWNA,
BC, Dec. 5, 2022 /CNW/ - Metalex Ventures
Ltd. (TSXV: MTX) (the "Company") announces that, further to
news releases on November 22, 25, 28
and 29, 2022 announcing a private placement ("the Offering"), the
Company has closed the final tranche of the Offering (the Final
Tranche"), resulting in proceeds of $1,137,020. The Final Tranche consisted of
the issuance of 18,117,000 flow through units (the "FT Units") and
1,000,000 non flow through units (the "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; the Units were issued at $0.05 per Unit, with each Unit comprising of one
non-flow through common share and one-half warrant. Each
whole warrant entitles the holder to acquire a further common share
of the Company at a price of $0.08
for a term of eighteen months.
Combined with the first tranche, the Placement has resulted in
gross proceeds of $2,279,120 from the
issuance of 37,152,000 FT Units and 1,000,000 Units.
All securities issued in the final tranche of the Placement are
subject to a hold period expiring April 6,
2023. Finders' fees of $78,752
were paid and 1,435,028 finders' Warrants were issued in connection
with this tranche of the Placement. Finders' Warrants have
the same terms as the Placement Warrants but are
non-transferable.
Proceeds from the Offering will be used to find the upcoming
drill programs on the Company's Quebec and South African properties, as well
as for general working capital of the Company.
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.