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METALEX CLOSES PRIVATE PLACEMENT

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METALEX CLOSES PRIVATE PLACEMENT

 

 

 

 

 

Metalex Ventures Ltd. (TSX-V: MTX) announces that, further to its news release on December 16, 2024 announcing a private placement, 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, 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. 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.

 

Posted December 19, 2024

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