HomeDiamonds & GemstonesMetalex raises funds for diamond project

Metalex raises funds for diamond project

Metalex Ventures has announced that it intends to carry out a private placement to raise up to $1,200,000.

The Offering is made up of a combination of flow through shares at a price of $0.085 per FT Share and non-flow through units at a price of $0.07 per unit.

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Each Unit is comprised of one non-flow through common share and one-half of one share purchase warrant, with each whole warrant exercisable at a price of $0.10 for a period of two years.

Finders fees will be payable in accordance with the policies of the TSX Venture Exchange and the Offering remains subject to acceptance by the TSX Venture Exchange.

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Securities issued in connection with the Offering will be subject to a four month hold period from closing of the Offering.

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Proceeds from the sale of the FT Shares will be used to finance qualified exploration on the Company’s three recently staked gold claims in Quebec and exploration in search of up-ice source areas of 46 additional highest priority gold anomalies.

Proceeds from the sale of the Units will be used to advance the recently acquired Viljoenshof Diamond Project in South Africa and for general working capital.