Business
Metalex Closes Final Tranche of Private Placement and Shares for Debt Settlement
Metalex Closes Final Tranche of Private Placement and Shares for Debt Settlement ...
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n \n \n \n Metalex Closes Final Tranche of Private Placement and Shares for Debt Settlement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n KELOWNA, BC\n \n ,\n \n Jan. 18, 2021\n \n /CNW/ - Further to news releases on\n \n December 11\n \n and 17, 2020,\n \n Metalex Ventures Ltd.\n \n (TSXV: MTX) (the \"\n \n Company\n \n \") is pleased to announce the closing of the final tranche of its private placement (the \"\n \n Placement\n \n \"), resulting in gross proceeds of\n \n $1,219,560\n \n .  This tranche of the Placement (the \"Final Tranche\") consisted of the issuance of 1,188,235 flow through shares (the \"Shares\") and 15,979,427 non flow through units (the \"Units\").  The Shares were sold at a price of\n \n $0.085\n \n per Share and the Units were sold at a price of\n \n $0.07\n \n per Unit; each Unit is comprised of one common share and one-half warrant (each whole warrant a \"Warrant\") entitles the holder to acquire a further common share of the Company at a price of\n \n $0.10\n \n for a term of two years.\n \n \n Combined with the first and second tranches, the Placement has resulted in gross proceeds of\n \n $3,128,460\n \n from the issuance of 19,163,528 Shares and 21,422,284 Units.\n \n \n All securities issued in the final tranche of the Placement are subject to a hold period expiring\n \n May 16, 2021\n \n . Finders' fees of\n \n $26,320\n \n were paid and 100,000 finders' Warrants were issued in connection with this tranche of the Placement.  Finders' Warrants have the same terms as the Placement Warrants.\n \n \n Proceeds from the Placement will be applied to the upcoming exploration program on the Company's\n \n Quebec\n \n and South African properties, as well as for general working capital of the Company.\n \n \n Further to the news release on\n \n December 24, 2020\n \n , the Company and Dr.\n \n Charles Fipke\n \n , the Chairman of the Company, also announce that the Company has, concurrent with the closing of the Final Tranche, settled\n \n $2.75 million\n \n in outstanding indebtedness...