Further to news releases on December 11 and 17, 2020, Metalex Ventures Ltd. (TSX-V: MTX) is pleased to announce the closing of the second tranche of its private placement resulting in gross proceeds of $1,069,400. This tranche consisted of the issuance of 12,004,706 flow through shares and 700,000 non flow through units. The shares were sold at a price of $0.085 per share and units were sold at a price of $0.07 per unit; each unit is comprised of one common share and one-half warrant. Each full warrant entitles the holder to acquire a further common share of the Company at a price of $0.10 for a term of two years.
All securities issued in the Placement are subject to a hold period expiring April 30, 2021. Finders’ fees of $70,590 were paid and 830,529 finders’ warrants were issued in connection with this tranche of the Placement. Finders’ warrants have the same terms as the Placement warrants.
Proceeds from the Placement will be applied to the upcoming exploration program on the Company’s Quebec properties, as well as for general working capital of the Company.
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