METALEX ANNOUNCES CLOSING OF C$11.2 MILLION FINANCINGS
April 13 2011 - 6:17PM
PR Newswire (Canada)
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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