Metalex Financing Announcement
22 March 2011 - 7:58AM
PR Newswire (Canada)
KELOWNA, BC, March 21 /CNW/ -- KELOWNA, BC, March 21 /CNW/ -
Metalex Ventures Ltd. (TSXV: MTX) (the "Company") wishes to
announce that Dr. Charles Fipke, the Chairman of the Company, is to
invest in a non-brokered private placement of the Company's
securities on the same terms as the brokered financing with GMP
Securities LP announced on February 28, 2011. Dr. Fipke is to
purchase $600,000 of flow-through shares having a price of $1.00
per share and a further $600,000 of units having a price of $0.85
per unit, with each unit comprised of one common share and one-half
warrant, each whole warrant having an exercise price of $1.00.
Proceeds from Dr. Fipke's investment will be applied in the same
manner as the brokered financing, that is that the proceeds from
the issuance of the flow-through shares to Dr. Fipke shall be used
to finance exploration expenditures at the Company's Canadian
mineral projects and, 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 Dr. Fipke. The proceeds received by the
Company under the offering of the issuance of the units shall be
used for further exploration and development of the Company's
kimberlite-hosted diamond deposits in Morocco and other prospective
mineral projects as well as for the general and administrative, and
working capital purposes. Dr. Fipke's placement remains subject to
regulatory acceptance. 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/March2011/21/c5090.html
p Chad Ulansky, President and CEObr/ (250) 860-8599br/ a
href="mailto:investorinfo@metalexventures.ca"investorinfo@metalexventures.ca/a
/p
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