Amex Exploration Inc. (TSX-V:AMX) (FRA: MX0) announces the closing of a non-brokered private placement in the amount of $4,040,000 on December 20, 2019, under which a total of 466,667 flow-through units priced at $1.80 and 3,200,000 units priced at $1.00 were issued. Each FT Unit consists of one common share to qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each Unit consists of one common share and half of one Warrant. Each Warrant entitles the holder to purchase one common share of the Company at a price of $1.50 for a period of 18 months.
The Units were purchased by specialized Quebec funds, including SIDEX, Fonds de solidarité FTQ, and Fonds régionaux de solidarité FTQ. SIDEX is an initiative of the Québec government and the Fonds de solidarité FTQ whose mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province’s mineral base, promote innovation and new entrepreneurs.
“We are pleased to have the support of these Quebec Institutional funds which are long term strategic supporters of Quebec exploration and mining projects,” commented Victor Cantore, President and CEO. “The Company is well financed, and we look forward to continuing our 100,000 metre drill program on the Perron gold property as 2020 promises to be an exciting and busy year for Amex on the exploration front.”
All proceeds raised will be used for exploration work on the Perron property and for general working capital purposes. No commissions are payable in connection with the private placement. All securities issued pursuant to the private placement will be subject to a 4-month and one day hold period and the transaction remains subject to the receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange.
Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdictions of Quebec and Ontario. Amex is focused on its 100% owned Perron gold project located 110 kilometers north of Rouyn Noranda, Quebec, consisting of 116 contiguous claims covering 4,518 hectares. A number of significant gold discoveries have been made at Perron, including the Eastern Gold Zone, the Gratien Gold Zone, the Grey Cat Zone, and the Central Polymetallic Zone. High-grade gold has been identified in each of the zones. A significant portion of the project remains underexplored. In addition to the Perron gold project, the company holds a portfolio of three other properties focused on gold and base metals in the Abitibi region of Quebec and Ontario.
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We acknowledge the [financial] support of the Government of Canada.