| AMEX CLOSES $405,000 PRIVATE PLACEMENT | |
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Montreal, May 10, 2016 - Amex Exploration Inc. (TSXV: AMX) ('Amex' or the
'Corporation') is pleased to announce that it has closed a non-brokered private
placement of an aggregate amount of $405,000.00, through the sale of 5,000,000 flow-
through units (the « FT Units ») and 3,100,000 regular units (the « Units ») , both priced
at 0.05$.
The FT Units are composed of one flow-through common share and one half of one
common share purchase warrant (the « Warrant ») and the Units consist in one common
share and one full Warrant. The Warrants can be exercised at the price of $0.10 for a
period of 12 months following the closing date for the FT Units, and 24 month for the
Units.
In connection with the Private Placement, Amex paid a Finder's fee to Secutor Capital
Management Corporation in the amount of $17,500.00 and issued 350,000 finder's
warrants. Each finder's warrant entitles the holder to purchase one common share, at a
price of $0.05, for a period of 24 months following the closing date.
Certain insiders have participated in the private placement for the aggregate amount of
$22,000 (440,000 units). Pursuant to Regulation 61-101 Respecting protection of minority
security holders in special transactions ('Rule 61-101'), each of these transactions
constitutes a 'related party transaction' and as such, minority shareholder approval and a
formal valuation can be required. However, the board has determined that such
transactions meet the exemptions set out in Rule 61-101 (sections 5.5(a) and 5.7(a)) as
the value of the transaction does not exceed 25% of the market capitalization of Amex.
The participation of insiders in the financing and the extent of such participation was not
finalized until shortly prior to the completion of the financing. Accordingly, it was not
possible to publicly disclose details at least 21 days prior to the completion date.
The gross proceeds from the sale of the flow-through shares will be used to finance the
Corporation's exploration program on its properties located in the Province of Quebec,
and the net proceeds from the sale of the common shares will be used by the Corporation
for general working capital purposes. All securities issued pursuant to the Private
Placement are subject to a 4-month and one day hold period. The Private Placement is
subject to the receipt of all necessary regulatory approvals, including the final approval of
the TSX Venture Exchange.
Amex Exploration Inc. is a junior mining exploration company listed on the TSX Venture
Exchange whose primary objective is to develop and bring into production viable gold
and base metal deposits.
For further information please contact Jacques Trottier or Pierre Carrier at 514-866-8209.
Neither 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.
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Amex Exploration Inc.
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CODE : AMX.V |
ISIN : CA30214Q1019 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Amex Expl. est une société d’exploration minière d'or et de cuivre basée au Canada. Amex Expl. détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont MOLEON, NORMETAL et PERRON au Canada. |