New Issue: Metalex issues C$4.18 million of units, flow-through shares

By Sheri Kasprzak

New York, June 27 - Metalex Ventures Ltd. settled a C$4,182,010 private placement.

The non-brokered offering includes 4,551,200 flow-through shares and 1,423,100 non flow-through units at C$0.70 each for both.

The units are comprised of one share and one half-share warrant. Each whole warrant is exercisable at C$0.88 through June 19, 2007.

Proceeds will be used for bulk sampling and for exploration on projects in Ontario and Quebec. The rest will be used for exploration in Angola and for other overseas projects.

Based in Kelowna, B.C., Metalex is a mineral exploration company.

Issuer:	Metalex Ventures Ltd.
Issue:	Flow-through shares and units of one share and one half-share warrant
Amount:	C$4,182,010
Placement agent:	Non-brokered
Settlement date:	June 26
Stock symbol:	TSX Venture: MTX
Stock price:	C$0.57 at close June 26
Flow-through shares
Shares:	4,551,200
Price:	C$0.70
Warrants:	No
Units
Units:	1,423,100
Price:	C$0.70
Warrants:	One half-share warrant per unit
Warrant expiration:	June 19, 2007
Warrant strike price:	C$0.88

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