Amex Exploration Announces Upsize to Private Placement

Rhea-AI Summary

Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) has announced an upsize to its non-brokered private placement. The company now plans to offer up to 4,710,000 units at a price of C$1.15 per unit, aiming to raise aggregate proceeds of C$5,416,500. Each unit consists of one common share and half a warrant, with each whole warrant exercisable at C$1.40 for 24 months. The offering is expected to close around October 15, 2024.

The funds will be used to advance the company's Preliminary Economic Study on its Perron Gold Project and for general working capital. The offering is being conducted under the Listed Issuer Financing Exemption, meaning the units will not be subject to a hold period under Canadian securities laws. An amended offering document is available on SEDAR+ and the company's website.

Positive

• Upsized private placement to raise C$5,416,500
• Funds to be used for advancing Preliminary Economic Study on Perron Gold Project
• No hold period on issued units due to Listed Issuer Financing Exemption

Negative

• Potential dilution of existing shareholders due to new unit issuance

Montreal, Quebec--(Newsfile Corp. - October 7, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce that further to its press release of October 1, 2024, it has upsized its non-brokered private placement to up to 4,710,000 units of the Company (the "Units") at a price of C$1.15 per Unit (the "Offering Price") for aggregate proceeds of C$5,416,500 (the "Offering").

Each Unit will consist of one common share (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant") of the Company. Each Warrant will be exercisable to acquire one Common Share for a period of 24 months following the Closing Date of the Offering at an exercise price of C$1.40 per common share, subject to adjustment in certain events.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). Because the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Units issued pursuant to the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.

There is an amended offering document related to the Offering that can be accessed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at amexexploration.com. Prospective investors should read the amended offering document before making an investment decision.

The Company will use the proceeds of the Offering to fund the advancement of the Company's Preliminary Economic Study on its wholly owned 100% owned high-grade Perron Gold Project and general working capital purposes. The Company is well funded for its current exploration program.

The Offering is scheduled to close on or about October 15, 2024 (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.

The securities referred to in this news release 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, or for the account or benefit of, "U.S. Persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225904

FAQ

What is the new size of Amex Exploration's private placement announced on October 7, 2024?

Amex Exploration has upsized its non-brokered private placement to up to 4,710,000 units at C$1.15 per unit, aiming to raise aggregate proceeds of C$5,416,500.

What is the exercise price and period for the warrants in AMXEF's private placement?

Each whole warrant can be exercised to acquire one common share at C$1.40 for a period of 24 months following the closing date of the offering.

How will Amex Exploration (AMXEF) use the proceeds from this private placement?

The proceeds will be used to fund the advancement of the company's Preliminary Economic Study on its Perron Gold Project and for general working capital purposes.

When is the expected closing date for Amex Exploration's (AMXEF) upsized private placement?

The offering is scheduled to close on or about October 15, 2024, subject to certain conditions including regulatory approvals.