Amseco Exploration Ltd.

Amseco Exploration Ltd.

December 23, 2009 11:33 ET

Amseco Exploration Ltd.: Shareholders Adopt Special Resolutions at Annual AGM and Price Reservation for a 2009 Flow-Through Private Placement

MONTREAL, QUEBEC--(Marketwire - Dec. 23, 2009) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") held on December 21, 2009, its Annual General and Special Meeting ("AGM") of Shareholders. Jean Desmarais, Roger Bourgault, Reynald Couillard and Nicolas Patry were elected as Directors until the next AGM.

The special resolutions that were up for adoption were all endorsed by the independent shareholders. The shares held by holders of options and potential recipients were not allowed to vote on these resolutions.

The independent shareholders adopted by 89,6% of the shares voted the Resolution that sought to increase the number of Options that can be granted under the Share Purchase Option Plan to three million four hundred thousand (3,400,000).

The Resolution which dealt with the reduction of the Option exercise price for the currently granted Options from $0.32 and $0.25 respectively to $0.10 per share was adopted by 90,7% of the votes cast by the independent shareholders.

The Resolution seeking to amend the Corporate Bylaws reducing to five percent (5%) the quorum needed to properly constitute an AGM of the shareholders was adopted by 93,2% of the votes cast.

Amseco asked for shareholder approval for the change in exercise price of the granted option to offer some compensation to the directors that have been in their position since 2006 and 2007.This adjustment in price compensates them for having worked hard to re-list the company on the TSX-V and having contributed to its rebirth while assuming their Directors obligations.

The Corporation has also made a Price Reservation for a non-brokered Private Placement to be done with Accredited Investors. The $600 units are composed of 4,000 common flow-through shares and 1,000 common treasury shares at $0.12 each. The minimum subscription by investor is 2 units. Amseco plans on closing this placement by December 31, 2009, thus granting to the investors 2009 flow-through deductions.

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
    Amseco Exploration Ltd.
    Roger Bourgault