Amseco Exploration Ltd.

Amseco Exploration Ltd.

May 01, 2007 12:10 ET

Amseco Intends to Raise Up to 600,000$ by Way of Private Placement

PIEDMONT, QUEBEC--(CCNMatthews - May 1, 2007) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco" or the "Corporation") is pleased to announce that it intends to raise up to $600,000 by way of private placement. Amseco will sell up to 1,500,000 units (the "Units") to accredited investors at a price of $0.40 per Unit.

Each Unit will consist of one common share of Amseco (the "Common Shares") and one-half of one common share purchase warrant (the "Warrants"). Each whole Warrant will entitle its holder to acquire, upon exercise, one additional Common Share at a price of $0.60 per Common Share for a period of twelve (12) months following the closing of the private placement.

The Warrants will be subject to an accelerated expiry if, at any time following the trade restriction period of four months and one day from the date of distribution, the weighted average trading price of the common shares of the Corporation is equal or greater than 75 cents for any 20 consecutive trading days. In that event, the holder will be given notice that the Warrants will expire on the 20th day following the date of such notice. The Warrants will be exercisable by the holder during the 20-day period between the notice and the expiration of the Warrants.

The Corporation will pay a finder's fee as allowed by the policies of the TSX Venture Exchange.

Net proceeds of the offering will be used for advancing the Corporation's projects and for working capital.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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