Amseco Exploration Ltd.

Amseco Exploration Ltd.

October 26, 2006 15:01 ET

Amseco Exploration Ltd.: Private Placement

PIEDMONT, QUEBEC--(CCNMatthews - Oct. 26, 2006) - Amseco Exploration Ltd. ("Amseco") is pleased to announce that it has completed a private placement by notice of offer of 556 units for a total value of $556,000.

Each unit is composed of one common share and one warrant entitling the holder to subscribe to an additional Amseco common share at a price of $0.30 per share during a period of twelve (12) months following the closing of the placement. Certain persons have acted as intermediary with regard to the placement and have received a monetary commission equivalent to 10% of the amount of the subscriptions filed.

The securities issued as part of this placement are subject to a period of restriction on resale of four (4) months ending on February 26, 2007.

Proceeds from the placement will be used in particular in order to begin exploration work on the Amikougami property. A portion of the proceeds from the placement will also be allocated to working capital.

As announced recently, the TSX Venture Exchange (the "Exchange") has conditionally accepted, as of July 20, 2006, the request to list Amseco's shares. The listing is conditional on Amseco fulfilling all of the Exchange's requirements.

The TSX Venture Exchange assumes no responsibility as to the relevance or the exactness of this press release.

Contact Information

  • Amseco Exploration Ltd.
    Bertrand Dufour
    President and Chief Executive Officer
    450-240-0521
    450-240-0522 (FAX)