Amseco Exploration Ltd.

Amseco Exploration Ltd.

December 31, 2009 09:08 ET

Amseco Closes $403,200 Private Placement

MONTREAL, QUEBEC--(Marketwire - Dec. 31, 2009) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") is pleased to announce that it has completed, on December 30, 2009, a $403,200 Non-Brokered Private Placement. Subject to regulatory approvals Amseco will issue 672 units of $600 each. The units each consist of four thousand (4,000) common flow-through and one thousand (1,000) common treasury shares at a price of $0.12 per share. The Corporation will issue 325,000 Agent's Options giving the holder the right to acquire one share for each Option at a price of $0.12 for 24 months from the date of Closing.

Jean Desmarais, President, and Roger Bourgault and Reynald Couillard, both Directors, each participated in the Private Placement in amounts of $36,000, $3,000 and $30,000 respectively.

The Private Placement was completed under the terms of a price protection request which was submitted to the TSX Venture Exchange on December 14, 2009 when the share price of the Company was then at $0.10 per share. The units to be issued under the Private Placement will be subject to a resale restriction of four months and one day.

From the $403,200 proceeds from the Private Placement, $322,560 will be for Canadian Exploration Expense purposes to be used on the Corporation's various exploration projects and $80,640 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. Once the exploration activity decisions are made they will be the object of a separate press release which will outline the specific proposed work. A yet undetermined portion of the flow-through funds will be invested on the Malartic property which was the object of the signature of a Letter of Intent leading to a formal Joint-Venture Agreement with Les Mines JAG ("JML"). A separate amount will be invested on Amseco's Urban West property continuing work already performed there over the last 18 months.

We Seek Safe Harbour

Readers are cautioned that the economic viability of the Company's properties has not been established with regards to the terms of legislation under National Instrument NI-43-101. Historical statements contained within the news release are provided on a best effort basis by the company based on a review of publicly available documents relative to the property.

Forward Looking Statements

This news release may contain certain forward looking statements within the meaning of the Canadian securities legislation. These forward looking statements relate to the company's future exploration plans, activities and expenditures with regards to the property. The forward looking statements within this news release represent the company's management best knowledge and judgment based on the current facts available at the time of this news release. Forward looking statements involve a certain amount of known and unknown risks and factors which may cause the actual results and achievements of the company to be materially different from the company's expectations, objectives and projections.

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

Contact Information

  • Amseco Exploration Ltd.
    Jean Desmarais
    President and Chief Executive Officer