MONTRÉAL, QUÉBEC--(Marketwired - April 7, 2017) - Amex Exploration Inc. (TSX VENTURE:AMX) ("Amex" or the "Corporation") announces the closing of the previously announced private placement, in the amount of $1,000,090.
In connection with the offering, Amex issued 7,693,000 units priced at $0.13 each. Each unit includes one common share and one common share purchase warrant having an exercise price of $0.18 and a term of 18 months.
Four directors and insiders of Amex have participated in the private placement for an aggregate amount of $135,850. Pursuant to Policy 5.9 of the TSXV and Regulation 61-101 Respecting protection of minority security holders in special transactions ("Rule 61-101"), each of these transactions constitute a "related party transaction" and as such, minority shareholder approval and a formal valuation is required. However, the Corporation is exempt from such requirements as the fair market value of the consideration does not exceed 25% of the issuer's market capitalization.
In connection with the offering, Amex paid to registered dealers a commission equal to 7% of the gross proceeds raised through their efforts.
All securities issued pursuant to the Private Placement will be subject to a 4-month and one day hold period and the Private Placement is subject to the receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange.
Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to develop and bring into production viable gold and base metals deposits in mining-friendly jurisdictions. Amex has two main projects: the 100% owned Perron gold project located 110 kilometres north of Rouyn Noranda, Quebec, consisting of 116 adjacent claims covering 4518 hectares; and the 100% owned Eastmain River gold properties consisting of 79 claims covering 4,173 hectares.
Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statements, which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; Actual results and future events could differ materially from those anticipated in such statements.
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.