Metalex Ventures has increased its private placement from $1,2 million to $3 million following much interest shown in the offering."Due to the amount of interest shown in the offering, the company has, for the foreseeable future, abandoned any plans to roll back the stock," it said.
The company recently said that 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.
Metalex reached an agreement with Invest in Property 126 (IIP) early this month to acquire an interest in the 3,373-hectare Viljoenshof prospecting license, in South Africa.
The license area, within 30 kilometres of the famous Kimberley Diamond Mines, was last known to have been explored by DeBeers in the 1960s, with two kimberlite pipes, two kimberlite dykes and two kimberlites of the unknown type discovered.
DeBeers unsuccessfully applied for the exploration license over this area again in 2014, as IIP applied shortly beforehand and was awarded the license.
Meanwhile, Metalex said proceeds from the sale of the flow-through 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.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
