Amex Exploration Inc.

Amex Exploration Inc.

April 17, 2009 10:00 ET

Amex Exploration Closes Second Tranche of a $500,000 Financing

MONTREAL, QUEBEC--(Marketwire - April 17, 2009) - Amex Exploration Inc. (TSX VENTURE:AMX) ("Amex") announces that it has closed the second tranche of a $500,000 financing consisting of 1,000,000 units (each a "Unit" and collectively, the "Units") of Amex, at $0.25 per Unit, for total gross proceeds of $250,000. Each Unit is comprised of one common share of Amex and one common share purchase warrant entitling the holder thereof to acquire one additional common share of Amex at $0.35 per share for a period of 12 months following the closing date. In connection with the financing, Amex agreed to pay a cash commission of $4,000 to MGI Securities Inc. ("MGI") and of $18,500 to a person dealing entirely at arm's length. Amex also agreed to issue 20,000 broker warrants to MGI, each broker warrant entitling it to purchase one additional common share of Amex, at the price of $0.35 per common share, for a period of 12 months following the closing date.

All securities issued pursuant to the private placement are subject to a four-month hold period expiring on August 17, 2009. The private placement, the payment of the cash commission and the issue of broker warrants are subject to the final approval of the TSX Venture Exchange.

Proceeds of the private placement will be applied toward ongoing work on Amex properties, and toward 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

  • Amex Exploration Inc.
    Michel Lemay