KELOWNA,
BC, Dec. 18, 2024 /CNW/ - Metalex
Ventures Ltd. (TSXV: MTX) (the "Company") announces
that, further to its news release on December 16, 2024 announcing a private placement
("the Offering"), the Company has closed the Offering, resulting in
gross proceeds of $1,050,000.
The Offering consisted of the issuance of 42,000,000 flow through
shares (the "FT Shares"), issued at $0.025/FT Share.
All securities issued in Offering are subject to a hold period
expiring April 19, 2025. Finders'
fees of $73,500 were paid in
connection with this Placement.
Proceeds from the Offering will be used to fund qualified
critical mineral exploration expenditures on the Company's claim
blocks in its 100% owned Quebec
project. This project is under an agreement with Kel-Ex
Development Ltd. ("Kelex"), where Kelex is the operator of the
project and receives a 10% fee on all third-party project costs; it
also provides personnel for fieldwork and mapping/data
management. Kelex is owned 100% by Dr Charles Fipke, the Company's Chairman of the
Board and largest shareholder. Any administrative markups or
profit on re-billed costs are considered ineligible flow through
expenditures and will be specifically excluded from the Company's
flow through cost summaries. It is currently estimated
that the majority of the proceeds (estimated at $850,000) will be used on drilling our
nickel-copper-cobalt B3 prospect; additionally, $150,000 is earmarked for an airborne geophysical
survey on the B1 copper-cobalt property and $50,000 is estimated to be spent following up on
geophysical anomalies generated by the B1 geophysical survey.
The Company will not be using any of the proposed payments for
Investor Relations activities.
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.
