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AMEX Announces Partial Exercise of Underwriter’s Option for Additional Gross Proceeds of $981,900 and Aggregate Gross Proceeds of $8,982,000

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AMEX Announces Partial Exercise of Underwriter’s Option for Additional Gross Proceeds of $981,900 and Aggregate Gross Proceeds of $8,982,000






Further to its press release dated November 7, 2019, Amex Exploration Inc. (TSX-V: AMX) is pleased to announce that in connection with its previously announced “bought deal” private placement offering, underwritten by PI Financial Corp. and Generic Capital Corporation, as co-lead underwriters on behalf of a syndicate of underwriters, which included Canaccord Genuity Corp. and Laurentian Bank Securities Inc. the Company has closed on the previously announced partial exercise by the Underwriters of their option to increase the size of the Offering, purchasing an additional 545,500 flow-through units  at a price of $1.80 per FT Unit. The underlying common shares qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)). Each FT Unit consists of one common share of the Company issued on a flow-through basis and one-half of one common share purchase warrant issued on a non-flow-through basis. Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of $1.50 until May 21, 2021.


The Company initially issued 4,444,500 FT Units for gross proceeds of $8,000,100 on November 7, 2019. With the closing of the partial exercise of the Underwriter’s Option, the Company has raised aggregate gross proceeds of $8,982,000 pursuant to the Offering.


In connection with the partial exercise of the Underwriter’s Option, the Underwriters were paid: (i) a cash commission of 6.0% of the gross proceeds of the Underwriter’s Option; and (ii) that number of non-transferable compensation options as is equal to 6.0% of the aggregate number of FT Units sold pursuant to the Underwriter’s Option. Each Compensation Option is exercisable for one common share of the Company at a price of $1.50 per common share for a period of 18 months from the date of issuance.

The gross proceeds from the sale of the FT Units will be used for general exploration expenditures on the Company’s properties located in Quebec.


The securities issued under the Offering are subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws. The Offering is subject to final approval of the TSX Venture Exchange.


The securities 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 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.


Posted November 21, 2019

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