Amseco Exploration Ltd.

Amseco Exploration Ltd.

May 19, 2010 15:44 ET

Amseco Increases to $324,000 Private Placement Announced on May 18, 2010, From $300,000

MONTREAL, QUEBEC--(Marketwire - May 19, 2010) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") is pleased to announce that it has concluded, on May 19, 2009, a $324,000 Non-Brokered Private Placement. Subject to regulatory approvals Amseco will issue 270 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.

The Corporation announced on May 18, 2010, the conclusion of a $300,000 Private Placement. This amount has now been amended to $324,000.The other details of the Placement have not changed.

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