Metalex Ventures Limited Financing Announcement
21.03.2011 | 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.
For further information:
Chad Ulansky, President and CEO
(250) 860-8599
investorinfo@metalexventures.ca
www.metalexventures.ca