Metalex Ventures (TSXV:MTX)
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KELOWNA, BC, March 21 /CNW/ --
KELOWNA, BC, March 21 /CNW/ - Metalex Ventures Ltd. (TSXV: MTX) (the
"Company") wishes to announce that Dr. Charles Fipke, the Chairman of
the Company, is to invest in a non-brokered private placement of the
Company's securities on the same terms as the brokered financing with
GMP Securities LP announced on February 28, 2011.
Dr. Fipke is to purchase $600,000 of flow-through shares having a price
of $1.00 per share and a further $600,000 of units having a price of
$0.85 per unit, with each unit comprised of one common share and
one-half warrant, each whole warrant having an exercise price of $1.00.
Proceeds from Dr. Fipke's investment will be applied in the same manner
as the brokered financing, that is that the proceeds from the issuance
of the flow-through shares to Dr. Fipke shall be used to finance
exploration expenditures at the Company's Canadian mineral projects
and, in particular, the Company's kimberlite properties in Ontario and
Quebec, and will qualify as Canadian exploration expenses (as defined
in the Income Tax Act) that will be renounced to Dr. Fipke. The
proceeds received by the Company under the offering of the issuance of
the units shall be used for further exploration and development of the
Company's kimberlite-hosted diamond deposits in Morocco and other
prospective mineral projects as well as for the general and
administrative, and working capital purposes.
Dr. Fipke's placement remains subject to regulatory acceptance.
Neither the 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2011/21/c5090.html
p Chad Ulansky, President and CEObr/ (250) 860-8599br/ a href="mailto:investorinfo@metalexventures.ca"investorinfo@metalexventures.ca/a /p