Amex Exploration Inc.

Amex Exploration Inc.

April 19, 2010 08:45 ET

Amex Closes Over $1.5 Million Financing

MONTREAL, QUEBEC--(Marketwire - April 19, 2010) - Amex Exploration Inc. (TSX VENTURE:AMX)("Amex") announces that it has closed the second tranche of a $1,529,000 financing consisting of 1,780,000 units of Amex, at $0.25 per Unit, for total gross proceeds of $545,000. Each Unit is comprised of one common share of Amex and one common share purchase warrant entitling the holder thereof to acquire one additional common share of Amex at $0.35 per share for a period of 12 months following the closing date and thereafter at the price of $0.45 during an additional period of 12 months.

Majors corporate participants in this private placement include SODEMEX ($150,000), Kingsdale Capital Market ($150,000), Mannington Finance Monaco ($125,000) and Bowmore Exploration (TSX: BOW) ($62,500). Also participating are four insiders of the company for an aggregated amount of $80,000. In connection with this tranche of financing, Amex agreed to pay a cash commission of $1,500 to MGI Securities and $3,750 to Canaccord Capital Inc.

All securities issued pursuant to the private placement are subject to a four-month and one day hold period. The private placement and the payment of the cash commissions are subjects to the final approval of the TSX Venture Exchange.

Proceeds of the private placement will be applied toward exploration work on the Company's newly acquired properties in Mexico, and towards meeting short term operating working capital requirements.

Amex is a junior mining exploration company, the common shares of which are listed on the TSX Venture Exchange. Amex's primary objective is to develop and bring into production viable gold and base metal deposits.

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.

Contact Information

  • AMEX Exploration Inc.
    Michel Lemay