LOWNA, BC, May 2 /CNW/ - METALEX VENTURES LTD. ("MTX"-TSX.V) (the
"Company").
The Company is pleased to announce that on April 28, 2006, subject to
final TSX Venture Exchange approval, it has closed its previously-announced
non-brokered private placement for gross proceeds of $12,991,899.20. The
offering consisted of 10,570,571 flow-through shares and 7,987,285 non
flow-through units, both securities priced at $0.70 per security, with each
unit comprised of one common share and one-half of one share purchase warrant
and each whole warrant exercisable for the purchase of one common share of the
Company at a price of $0.88 per share until April 28, 2007. All securities are
subject to a hold period expiring on August 29, 2006. The Company has agreed
to pay certain finder's fees in accordance with the policies of the TSX
Venture Exchange.
Proceeds from the private placement will be used to advance the bulk
sampling of T1 and exploration in Ontario and Quebec as well as exploration in
Angola and other overseas projects.
ON BEHALF OF THE BOARD OF DIRECTORS
"Peter Gregory"
Peter Gregory, President
METALEX VENTURES LTD.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents herein.
