Amseco Exploration Ltd.

Amseco Exploration Ltd.

November 20, 2009 14:04 ET

Amseco Closes $225,000 Private Placement

MONTREAL, QUEBEC--(Marketwire - Nov. 20, 2009) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") is pleased to announce that it has completed, on November 19, 2009, a $225,000 Non-Brokered Private Placement. Subject to regulatory approvals Amseco will issue 225 units of $1,000 each. The units consist of 20,000 common shares at a price of $0.05 per share and 20,000 warrants giving the holder the right to acquire one additional share per warrant at a price of $0.10 for a period of 2 years from the date of completion of the Private Placement. The Corporation will issue 250,000 Agent's Options giving the holder the right to acquire one share for each Option at a price of $0.10 for 24 months from the date of Closing.

Roger Bourgault, Interim President, Jean Desmarais, Director, and Nicolas Patry, Director, each participated in the Private Placement in amounts of $10,000, $27,000 and $8,000 respectively.

The Private Placement was completed under the terms of a price protection request which was submitted to the TSX Venture Exchange on October 21, 2009 where the share price of the Company was then at $0.055 per share.

The units to be issued under the Private Placement will be subject to a resale restriction of four months and one day. The proceeds of the Private Placement will be used for general working capital purposes.

The Corporation is currently reviewing its property portfolio. Amseco will soon resume exploration and mining property development activities.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Roger Bourgault
    Interim President and Chief Executive Officer