Amseco Exploration Ltd.

Amseco Exploration Ltd.

January 29, 2010 14:51 ET

Election of Reynald Couillard as Chairman of the Board of Directors the Pricing of a Flow-Through Private Placement and the Grant of Share Purchase Options

MONTREAL, QUEBEC--(Marketwire - Jan. 29, 2010) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") announces the election of Reynald Couillard as Chairman of the Board of Directors. Mr. Couillard was elected as a Director of the Corporation at the December 21, 2009, Annual General Meeting. The Board welcomes Mr. Couillard as Chairman and is looking forward to working with him and to benefit from his extensive business knowledge and experience.

Amseco has filed a Price Protection request with the TSX-Venture Exchange by which it proposes to raise flow-through funds at $0.12 per share. The proposed $1,200 units will be composed of 8,000 flow-through and 2,000 treasury shares. This Private Placement will be completed with Accredited Investors.

Amseco also announces the grant of the following share purchase options:

Jean Desmarais, President and Director 400,000

Reynald Couillard, Chairman of the Board of Directors 100,000

The Board also granted fifty five thousand (55,000) options to two outside consultants.

The options give the holder the right to buy shares of Amseco at a price of $0.10 per share for a period of five (5) years from the grant date. The options are under a four (4) month resale restriction and gradually vest in the holders name over an eighteen (18) month period following their grant date.

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

Contact Information

  • Amseco Exploration Ltd.
    Jean Desmarais
    Amseco Exploration Ltd.
    Roger Bourgault