Amseco Exploration Ltd.

Amseco Exploration Ltd.

November 09, 2010 15:26 ET

Amseco Exploration Ltd./Partial Private Placements $319,600: $155,200-Flow-Through Shares, $164,400-Treasury

MONTRÉAL, QUÉBEC--(Marketwire - Nov. 9, 2010) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") announces that it has completed the first part of two non-brokered private placements.

The first private placement of a value of $155,200 is through the issuance of Flow-Through shares. Subject to regulatory approvals the Corporation will issue 97 units valued at $1,600 each for a total issuance of nine hundred and seventy thousand (970,000) shares at a price of $0.16 each. Of this amount, $0.12 will qualify as flow-through expenditures and $0.04 is for working capital purposes. $124,160 is raised for exploration purposes and $31,040 to increase its treasury. Each unit consists of ten thousand (10 000) shares and five thousand (5,000) warrants. Each warrant gives the holder the right to acquire an additional share at a price of $0.25 for a twenty-four (24) month period from the issue date.

The second placement is for an amount of $164,400. Subject to regulatory approvals Amseco will issue one million three hundred thousand (1,370,000) commons treasury shares at a price of $0.12 each and one million three hundred thousand (1,370,000) warrants each giving the holder the right to acquire an extra share at a price of $0.16 for a 24 month period from the issue date. Thus Amseco obtains $164, 400 to increase its working capital. The Corporation will issue 107,400 Agents Options each giving the right to acquire an additional Amseco share at a price of $0.16 per Option over a 24 month period after the completion of the Placements. 54 000 options are issued to Union Securities, Vancouver,BC, and 53,400 to Paradox Public Relations, Montreal, QC.

The first part of the private placements was completed under a Price Protection request filed with the TSX-V on November 2, 2010, when the Corporation's shares were trading at $0.115 per share. The shares issued as part of these Placements are subject to resale restriction for a 4 month and one (1) day period.

The completion of the second part of the Private Placements will soon be announced.

The Corporation's exploration activities on the Malartic and Barry-Urban projects are proceeding at a good pace. Technical press releases will soon be issued offering an update on the work and presenting the follow-up stage of the activities.

Forward Looking Statements

This news release may contain certain forward looking statements within the meaning of the Canadian securities legislation. These forward looking statements relate to the company's future exploration plans, activities and expenditures with regards to the property. The forward looking statements within this news release represent the company's management best knowledge and judgment based on the current facts available at the time of this news release. Forward looking statements involve a certain amount of known and unknown risks and factors which may cause the actual results and achievements of the company to be materially different from the company's expectations, objectives and projections.

We seek safe harbor

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