Canada-based exploration company Metalex Ventures has raised more than $1,2 million from the final tranche of its private placement.Proceeds from the placement will be applied to the upcoming exploration programme on the company's Quebec properties for gold and its South African properties for diamonds, as well as for general working capital of the Company.
Combined with the first, second and third tranches, the placement has resulted in gross proceeds of more than $3,1 million from the issuance of 19,2 million shares and 21,4 million units, said Metalex.
The company reached an agreement with Invest in Property 126 (IIP) last 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.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
