Amseco Exploration Ltd.

Amseco Exploration Ltd.

November 02, 2007 08:00 ET

Amseco Exploration Closes the Second Tranche of a Financing of $707,456

PIEDMONT, QUEBEC--(Marketwire - Nov. 2, 2007) - Amseco Exploration Ltd. (TSX VENTURE:AEL)(the "Corporation") is pleased to announce that it has closed the second tranche of a private placement consisting of 80.77 units (the "Units") at a price of $5,625 per Unit for gross proceeds of $454,331.25. The first tranche consisting of 45 Units for a gross proceeds of $253,125 has closed on October 9, 2007 and was disclosed in the press release of issued on the same day.

Each Unit is comprised of 25,000 common shares and 25,000 share purchase warrants. Each share purchase warrant entitles its holder thereof to purchase one additional common share of the Corporation at a price of $0.30 for a period of 24 months from the date of closing.

The securities issued in virtue of the placement are subject to certain resale restrictions imposed under the applicable securities laws.

Net proceeds of the offering will be used for advancing the Corporation's projects and for working capital.

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

Contact Information

  • Amseco Exploration Ltd.
    Bertrand Dufour
    President and Chief Executive Officer
    450-240-0522 (FAX)