MTX Metalex Ventures Ltd

KELOWNA, BC, April 13 /CNW/ -- KELOWNA, BC, April 13 /CNW/ - Metalex Ventures Ltd. (TSXV: MTX) (the "Company") is pleased to announce, further to its news release of March 11, 2011, the closing of its brokered private placement (the "Offering") by a syndicate of agents led by GMP Securities L.P. and including Pope & Company Ltd. (collectively, the "Agents"). The Company raised approximately C$10,000,000 through the issuance of 5,000,000 flow-through shares (the "Flow-Through Shares") at a price of C$1.00 per Flow-Through Share and 5,882,353 units (the "Units") at a price of C$0.85 per Unit.  Each Unit consists of one common share and one half of one common share purchase warrant, with each whole warrant entitling the holder thereof to acquire one additional common share of the Company at the exercise price of C$1.00 for a period of 24 months following the closing of the Offering. In connection with the Offering, the Agents received a cash commission equal to 7% of the gross proceeds of the Offering and also received compensation options exercisable by the Agents to acquire 761,765 Units at a price of $0.85 per Unit for a period of 24 months following the closing of the Offering. The Company is also pleased to announce, further to its news release of March 21, 2011, the closing of its non-brokered private placement with Dr. Charles Fipke, Chairman of the Company. The Company raised approximately C$1,200,000 through the issuance of 600,000 Flow-Through Shares and 705,882 Units. All securities issued pursuant to the offerings, together with any underlying securities, are subject to a four month hold period expiring August 14, 2011. The proceeds from the issuance of the Flow-Through Shares shall be used to finance exploration expenditures at the Company's Canadian mineral projects, in particular, the Company's kimberlite properties in Ontario and Quebec, and will qualify as Canadian exploration expenses (as defined in the Income Tax Act) that will be renounced to the investors. The proceeds received from the issuance of the Units shall be used for further exploration and development of the Company's diamond, gold, base metal and uranium projects in Morocco and other prospective mineral projects as well as for general and administrative and working capital purposes. Neither the 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. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/April2011/13/c3971.html p align="justify" Chad Ulansky, President & CEObr/ (250) 860 - 8599br/ a href="mailto:investorinfo@metalexventures.ca" cr="true"investorinfo@metalexventures.ca/a /p

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