Amseco Exploration Ltd.

Amseco Exploration Ltd.

May 18, 2010 15:25 ET

Amseco Concludes $300,000 Private Placement

MONTREAL, QUEBEC--(Marketwire - May 18, 2009) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") is pleased to announce that it has concluded, on May 18, 2009, a $300,000 Non-Brokered Private Placement. Subject to regulatory approvals Amseco will issue 250 units of $1,200 each. The units consist of 10,000 common shares at a price of $0.12 per share and 10,000 warrants giving the holder the right to acquire one additional share per warrant at a price of $0.16 for a period of 2 years from the date of completion of the Private Placement. The Corporation will issue 248,800 Agent's Options giving the holder the right to acquire one share for each Option at a price of $0.16 for 24 months from the date of Closing.

Jean Desmarais, President and Director, Reynald Couillard, Chairman of the Board of Directors, Roger Bourgault, and Nicolas Patry, Directors, each participated in the Private Placement in amounts of $18,000, $12,000 $4,800 and $12,000 respectively.

The Private Placement was completed under the terms of a price protection request submitted to the TSX Venture Exchange on April 24, 2010 when the share price was at $0.12 per share. 28 800 Agent Option are to be issued and $3 456 in commissions paid to Union Securities of Vancouver, British Columbia, and 220,000 Agent's Options are to be issued to 4552083 Canada Inc.

The units to be issued under the Private Placement will be subject to a resale restriction of four months and one day. The proceeds of the Private Placement will be used for general working capital purposes.

Amseco is a junior mineral exploration company whose activities are concentrated in Quebec and Ontario. Its major activity in Quebec is its Barry-Urban Project, located in the area of the same name where some of its immediate neighbours are Metanor (TSX-V : « MTO ») and Eagle Hill ( TSX-V : « EAG ») where it controls in excess of 15,610 hectares or 156.1 square kilometers. It has an option to acquire a 50% interest in an advanced exploration project in the Malartic area of Québec. Elsewhere in the Province it also holds claims in: Thetford Mine (2 properties), Lower James Bay area (3 properties) as well as elsewhere. It also owns a property in Timmins, Ontario, that is contiguous to Goldcorp's Dome Superpit.

We seek safe harbour

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

  • Amseco Exploration Ltd.
    Jean Desmarais
    President and Director