Amex Exploration Inc. Raises Proceeds of $552,000
TSX VENTURE: AMX
MONTREAL, Dec. 03, 2018 (GLOBE NEWSWIRE) -- Amex Exploration Inc. (TSXV: AMX) (“Amex” or the “Corporation”) is pleased to announce the completion of the previously announced non-brokered private placement (the initial amount of $500,000 was increased to $552,000, following an over subscription) pursuant to which, 6,900,000 units, priced at $0.08 each, were issued. Each unit consists of one common share and one common share purchase warrant having an exercise price of $0.15 and a term of 18 months.
Funds will be used for exploration work on the on going drilling program on the Perron property and for general working capital purposes.
Four directors and insiders of Amex have participated in the private placement for the aggregate amount of $78,000. Pursuant to Policy 5.9 of the TSXV and Regulation 61-101 Respecting protection of minority security holders in special transactions ("Rule 61-101"), each of these transactions constitutes a "related party transaction". However, the Corporation is exempt from obtaining minority shareholder approval and an independent evaluation, as per Sections 5.5(a) and 5.7(a) of Rule 61-101.
All securities issued pursuant to the private placement will be subject to a 4-month and one day hold period and the transaction remains subject to the receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange.
In connection with the private placement, Amex has paid finder’s fee to unrelated registered dealers, in the total amount of $8,400, representing a commission equal to 7% of the gross proceeds raised through their efforts.
For further information please contact Pierre Carrier at 514-866-8209.
The securities to be issued pursuant to the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
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.