Amseco Exploration Ltd.

Amseco Exploration Ltd.

December 09, 2013 20:34 ET

Amseco Exploration Ltd: Announcement

MONTREAL, QUEBEC--(Marketwired - Dec. 9, 2013) - Amseco Exploration Ltd (Amseco) (TSX VENTURE:AEL) is pleased to announce that the Extraordinary Meeting and Annual General Meeting of Shareholders was held on December 6th 2013 and that all resolutions proposed were adopted.

Annual assembly

The assembly voted for the reelection of the current Officers and Directors (Jean Desmarais, Roger Bourgault and François LeComte) were reelected. The assembly also appointed the firm of KPMG as the external auditor for the company. A resolution allowing a share consolidation, should Amseco's Board of Directors decide it is needed in the coming year, was also adopted. And last, a resolution proposing to raise the stock option plan for the grant of options to Directors, Officers, key employees and consultants from 8 million to 14 million shares was adopted.

Private placement

The private placement announced on Septembre 19th has been extended until December 19th 2013. There will be a maximum of 10 millions units at $0.05 cent. Each unit is comprised of one common share and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase one share of the Corporation at an exercise price of $0.10 per share in the 24 months following the closing date of the placement. The shares will be subject to a 120 days hold period. The Corporation intends to use the proceeds of the private placement as working capital to fund the continued development of the Corporation's business. This private placement has been approved by Amseco's Board of Directors. Insiders can purchase up to 20% of this placement.

Options granted to Directors and Officers

On December 6th, 2013, Amseco's Board of Directors, following a recommendation of the Compensation Committee, granted 2,35 million options to purchase shares to Directors and Officers of the company at the price of 0,05 $ per share to be exercised within 10 years.

Share Issue

On December 5th, 2013, Amseco issued 600 000 shares in order to complete and settle all conditions related to the sale of Chika Property.(Ref. Press release 11 February 2013)

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.

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