Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) is pleased to announce that further to its January 16, 2024 press release, it has successfully completed a non-brokered charity flow-through private placement through the issuance of 11,344,130 charity flow-through shares at a price of C$2.35 per CFT Share to raise aggregate gross proceeds of C$26.65 million.

In connection with the Offering, Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) made a strategic investment in the Company through the purchase of 11,344,130 common shares of the Company. The Strategic Investment represents approximately a 9.9% ownership interest in the Company’s issued and outstanding common shares on a non-diluted basis. In connection with the Strategic Investment, the Company has granted Eldorado a customary anti-dilution right to maintain its equity ownership interest.

Each CFT Share will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)). The gross proceeds from the Offering will be used to advance the Company’s Perron project in Quebec, which will qualify as “Canadian Exploration Expenses” and “flow-through mining expenditures”, as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the CFT Shares with an effective date no later than December 31, 2024. In addition, with respect to Quebec resident CFT Share subscribers who are eligible individuals under the Taxation Act (Quebec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Quebec exploration expenses” within the meaning of Section 726.4.10 of the Taxation Act (Quebec) and for inclusion in the “exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses” within the meaning of Section 726.4.17.2 of the Taxation Act (Quebec).

In connection with the Offering, PI Financial Corp. acted as financial advisor to the Company and received an advisory fee of $790,000 (exclusive of all applicable taxes).

Prior to the completion of the Offering, the Company had 103,243,001 issued and outstanding common shares. Upon completion of the Offering, the Company currently has 114,587,131 issued and outstanding common shares.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities issued under the Offering in the United States. The securities issued under the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Amex

Amex Exploration Inc. is an exploration company with projects in Quebec.