By Devika Patel
Knoxville, Tenn., March 19 - Amex Exploration Inc. said it raised C$1.08 million in the first tranche of a C$1.5 million non-brokered private placement of units.
The company is selling units of one common share and one warrant at C$0.25 per unit. It sold 4,336,000 units in this tranche. Each two-year warrant will be exercisable at C$0.35 in the first year and at C$0.45 thereafter.
Proceeds will be used for ongoing work on Amex's newly acquired properties in Mexico and for meeting short term operating working capital requirements.
Amex is a mineral miner in Laval, Quebec.
| Issuer: | Amex Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35 in the first year, then C$0.45
|
| Settlement date: | March 19 (for C$1,084,000)
|
| Stock symbol: | TSX Venture: AMX
|
| Stock price: | C$0.295 at close March 18
|
| Market capitalization: | C$3.18 million
|
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