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Metalex Ventures Ltd V.MTX

Alternate Symbol(s):  MXTLF

Metalex Ventures Ltd. is a Canada-based company engaged in the acquisition, exploration and development of mineral properties. The Company’s principal projects are located in Quebec and northern Ontario (U2), Canada. Its overseas projects are located in South Africa, Morocco and Mali. Its projects include Wemindji James Bay Property, Kyle Lake Property, Viljoenshof Diamond Project and James Bay Lowlands Property. It has a 100% earned interest in mineral claims located in the Kyle Lake area of Ontario, located approximately 200 kilometers (km) west of James Bay in Northern Ontario and about 80 km west of De Beers’ Victor Mine. It also has an interest in various mineral claims located in the Wemindji James Bay region of Quebec for the exploration of diamonds and owns 100% of the non-diamond project. It also has a 100% interest in certain mineral claims in the James Bay Lowlands area of Northern Ontario. It has a 70% interest in the Viljoenshof Diamond Project in South Africa.


TSXV:MTX - Post by User

Bullboard Posts
Post by Oregonduckon Oct 19, 2019 5:46pm
78 Views
Post# 30247816

Raison d'etre for Rollback

Raison d'etre for Rollback
PREAMBLE: Under any shares rollback at TSX-V, no shareholders approval is required if the rollback is not more than 10 old-for-1 new share. In addition, the Exchange rules state that any financings for private placements must not be less than $0.05 cents per share EXCEPT under pre-consolidation announcement. MTX has been driven down, over the past few days, to as low as $0.015 cents by concerted selling aggregating millions of shares from one trader ANONYMOUS alone...Who's got that many shares to dump to arranged buyers??? To take a page from Chuck's Cantex (CD) playbook...In mid 2018, CD was driven down to $0.02 cents when they announced a 10 pre-consolidated for 1 new share rollback, and contemporaneously, raising $1.75 million at $0.015 cents per share in new capital obviating the $0.05 cents minimum pricing rule. Those post-consolidated shares at $0.15 have since went to as high as $7.00 this year, though currently selling for $3.00...Yes guys, something is cooking. Just think, if Chuck has to raise $2.0 million for MTX without the rollback, the Company would have to issue another 100 million new shares almost doubling its current capitalization of 113 million shares? Even for someone who has been talking through his Southern Comfort whiskey can see it is just not a doable financing.
Bullboard Posts