KELOWNA, BC, Dec. 18, 2024 /CNW/ - Metalex Ventures Ltd. (TSXV: MTX) (the "Company") announces that, further to its news release on December 16, 2024 announcing a private placement ("the Offering"), 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 (the "FT 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. ("Kelex"), 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.
Signed,
Chad Ulansky
Chad Ulansky
President and CEO
FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information", including statements regarding the expected use of proceeds of the private placement. Further, any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
Neither 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.
SOURCE Metalex Ventures Ltd.
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