Amex Exploration Inc.
TSX VENTURE : AMX

Amex Exploration Inc.

December 29, 2010 09:00 ET

Amex Closes $975,600 Private Placement

MONTREAL, QUEBEC--(Marketwire - Dec. 29, 2010) - AMEX Exploration Inc. ("Amex") (TSX VENTURE:AMX) announce the closing of a private placement of: $975,600.

The private placement consist of:

314 units "A" (the "Units A"), at a price of $2,900.00 per Unit, each Unit "A" consist of 8000 flow-through common shares at a price of $0.30 per flow-through common share, 2,000 common shares at a price of $0.25 per common share and 2 000 share purchase warrants. Each share purchase warrant shall entitle its holder thereof to acquire one additional common share of Amex at a price of $0.35 for a period of 12 months or $0.45 for a period of 24 months from the closing date for a gross proceed of $910,600.

26 units "B" (the "Units B"), at a price of $2,500.00 per Unit, each Unit "B" consist of 10000 common shares at a price of $0.25 per and 10 000 share purchase warrants. Each share purchase warrant shall entitle its holder thereof to acquire one additional common share of Amex at a price of $0.35 for a period of 12 months or $0.45 for a period of 24 months from the closing date for a gross proceed of $65,000.

In connection with this tranche of financing, Amex will pay a cash commission of $68,440 to Canaccord Capital and will issue 236,000 broker warrants, each broker warrant entitling Canaccord Capital to purchase one common share of Amex at the price of $0.30 during a period of 18 months following the closing date.

5 Insiders has participates to this private placement for a gross proceed of $82,500.

All securities issued pursuant to the private placement are subject to a four-month and one day hold period. The private placement and the payment of the cash commissions are subjects to the final approval of the TSX Venture Exchange.

Proceeds of the private placement will be applied toward exploration work on the Company's properties in Mexico and Quebec, and towards meeting short term operating working capital requirements.

Amex is a junior mining exploration company, the common shares of which are listed on the TSX Venture Exchange. Amex's primary objective is to develop and bring into production viable gold and base metal deposits.

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.

Contact Information

  • Michel Lemay
    514-866-8209