Business
Metalex Ventures Ltd. Enters into Letter of Intent
Metalex Ventures Ltd. Enters into Letter of Intent.
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\nKELOWNA, BC, May 25 /CNW/ - Metalex Ventures Ltd. (TSXV: MTX) (the\n"Company") announces that it has entered into a letter of intent with Kel-Ex\nDevelopments Ltd. ("Kel-Ex"), a company controlled by Dr. Charles Fipke, the\nChairman of the Company, to acquire certain mineral claims located in State of\nMato Grasso Brazil in consideration for the issuance of 10,000,000 common\nshares of the Company.\n\n\nKel-Ex/Fipke have been active in the Mato Grasso area of Brazil since\n2002 incurring extensive exploration expenditures totaling approximately\n2 million over 5 years.\n\n\nThese properties are part of an area which has seen exploration activity\nconducted by a number of major companies.\n\n\nWith this acquisition, the Company has now acquired substantially all of\nDr. Fipke's diamond exploration properties.\n\n\nThe Company is pleased to add another highly prospective property to its\nexisting list.\n\n\nThe claims are subject to net profits interests totaling 20% in favour of\nKel-Ex and its Brazilian partners. Under the terms agreed to by the parties,\nthe Company would have the right to repurchase up to one-half of such net\nprofits interests at a price of $5,000,000 per percent.\n\n\nClosing of the acquisition of the claims remains subject to execution of\na definitive agreement and the acceptance of the TSX Venture Exchange.\n\n\nSigned,\n\n\nChad Ulansky\n\n\nPresident and CEO\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this press release.\n\n\n%SEDAR: 00008159E\n\n\n","length":1679,"tagName":"div"}]