MONTREAL, QUEBEC--(Marketwire - April 7, 2011) - Amex Exploration Inc. (TSX VENTURE:AMX) ("Amex" or the "Corporation") announces that it has closed a new non-brokered private placement with one investor consisting of 1,000,000 units (the "Units") of Amex, at $0.25 per Unit, for total gross proceeds of $250,000. Each Unit is comprised of one non flow-through common share of Amex and one common share purchase warrant entitling the holder thereof to acquire one additional common share of Amex at $0.40 per share for a period of 18 months following the closing date.
In connection with this financing, Amex paid a cash commission of $10,000 to NBCN Inc. and issued 40,000 broker warrants, each broker warrant entitling NBCN Inc. to purchase one common share of Amex at the price of $0.40 during a period of 18 months following the closing date.
All securities issued pursuant to the private placement are subject to a four month and one day hold period, expiring on August 8, 2011. The private placement and the payment of the commissions are subject to the final approval of the TSX Venture Exchange (the "TSX-V").
Proceeds of the private placement will be applied toward exploration work on the Corporation's properties in Mexico and Quebec, and towards meeting short term operating working capital requirements.
Amex is a junior mining exploration company, the common shares of which are listed on the TSX-V. Amex's primary objective is to develop and bring into production viable gold and base metal deposits.
Contact Information: Amex Exploration Inc.