Metalex Closes Final Tranche of Private Placement and Debt Settlement Equities


KELOWNA, BC, January 18, 2021 / CNW / – Further to press releases on December 11 and 17, 2020, Metalex Ventures Ltd. (TSXV: MTX) (the “Society“) is pleased to announce the closing of the final tranche of its private placement (the”Placement“), resulting in a gross product of $ 1,219,560. 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 $ 0.085 per share and the units were sold at a price of $ 0.07 per unit; each unit is made up of one common share and half a warrant (each entire warrant is a “warrant”) allows its holder to acquire another common share of the Company at a price of $ 0.10 for a period of two years.

Combined with the first and second tranches, the Placement generated gross proceeds of $ 3,128,460 from the issuance of 19,163,528 shares and 21,422,284 units.

All securities issued in the final tranche of the Placement are subject to a holding period expiring May 16, 2021. Research Fees $ 26,320 were paid and 100,000 intermediation warrants were issued under this tranche of the Placement. The intermediation vouchers have the same conditions as the investment vouchers.

The proceeds of the Placement will be allocated to the next exploration program on the Company’s site. Quebec and South African properties, as well as for the general working capital of the Company.

Following the press release on December 24, 2020, the Company and Dr. Charles Fipke, Chairman of the Company, also announces that the Company has, concomitantly with the closing of the Final Tranche, settled $ 2.75 million in outstanding debt owed to Kel-Ex Development Ltd., a company owned by Dr. Fipke, through the issuance of 32,352,941 common shares at a deemed price of $ 0.085 per share (the “debt settlement”). These shares are subject to a holding period expiring May 16, 2021. Prior to the Debt Settlement and the closing of the Final Tranche, Dr. Fipke directly and indirectly held 45,114,924 ordinary shares and 500,000 options of the Company (the “Options”) representing 37.45% of the outstanding shares of the Company. Company (assuming the exercise of options). Following the Debt Settlement and the closing of the Final Tranche, Dr. Fipke held 77,967,865 ordinary shares of the Company representing 41.94% of the outstanding shares of the Company (assuming the exercise of Options).

Depending on economic or market conditions, or on issues related to the Company, Dr Fipke indicates that he may, in the future, choose either to acquire additional securities or to sell securities of the Company; however, he currently has no plans to sell shares and to date has never sold shares of the Company.

For further information regarding debt settlement and to obtain a copy of the alert report filed under applicable securities legislation in connection with the debt settlement, please see the Company’s profile on the website Web SEDAR ( or contact Jason granger at 250-860-8599.


Charles Fipke

Charles Fipke

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.

SOURCE Metalex Ventures Ltd.

For more information: Chad Ulansky, Chairman and CEO, + 1-250-860-8599, [email protected]

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