Metalex cancels Brazilian option agreement
2010-05-14 18:09 ET - News Release
Fipke is out:
Mr. Chad Ulansky reports
METALEX BRAZIL ACQUISITION AND OPTION AGREEMENT UPDATE
Metalex Ventures Ltd. will not be proceeding with the acquisition ofcertain mineral claims in the state of Mato Grosso, Brazil, as reportedin Stockwatch on March 16, 2010.
The company had entered into a renegotiated agreement withKel-Ex Development Ltd. to acquire certain mineral claims in the stateof Mato Grosso, Brazil, and had subsequently entered into an optionagreement with Iciena Ventures Inc. whereby Iciena would have earned aninterest in the claims by financing certain exploration expenditures.
Iciena has been unsuccessful in raising the required capitalpursuant to the terms of the agreement and therefore the agreement hasbeen terminated accordingly. The closing of all agreements wascontingent upon Iciena financing an initial $1-million in expendituresand issuing a convertible debenture to Kel-Ex to reimburse certainprior exploration expenditures. Consequently, the renegotiatedagreement between Metalex and Kel-Ex has also been terminated therebyeliminating Metalex's obligation to issue shares to Kel-Ex or reimburseprior exploration expenditures. Kel-Ex will retain its 100-per-centinterest in the claims and will be responsible for any future costsassociated with the claims.
The company has no plans at the current time to pursue any further arrangements to acquire the Brazilian claims.