Amseco Exploration Ltd.

Amseco Exploration Ltd.

February 11, 2010 09:00 ET

Amseco Closes $120,000 Private Placement

MONTREAL, QUEBEC--(Marketwire - Feb. 11, 2010) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") is pleased to announce that it has completed, on February 9, 2010, a $120,000 Non-Brokered Private Placement with one (1) arm's length investor. Subject to regulatory approvals Amseco will issue 1000 units of $1,200 each. The units each consist of eight thousand (8,000) common flow-through and two thousand (1,000) common treasury shares at a price of $0.12 per share. The Corporation will issue 100,000 Agent's Options giving the holder the right to acquire one share for each Option at a price of $0.12 for 24 months from the date of Closing.

The Private Placement was completed under the terms of a price protection request which was submitted to the TSX Venture Exchange on January 29, 2010 when the share price of the Company was then at $0.10 per share. This Placement is now closed.

The units to be issued under the Private Placement will be subject to a resale restriction of four months and one day. From the $120,000 proceeds from the Private Placement, $96,000 will be for Canadian Exploration Expense purposes to be used on the Corporation's various exploration projects and $24,000 will be used for general working capital purposes.

The Corporation is currently reviewing its property portfolio. Amseco will soon resume exploration and mining property development activities. Once the exploration activity decisions are made they will be the object of a separate press release which will outline the specific proposed work.

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

Contact Information

  • Amseco Exploration Ltd.
    Jean Desmarais
    President and Chief Executive Officer