MONTREAL, QUEBEC--(Marketwired - May 10, 2016) - Amex Exploration Inc. (TSX VENTURE:AMX) ("Amex" or the "Corporation") is pleased to announce that it has closed a non-brokered private placement of an aggregate amount of $405,000.00, through the sale of 5,000,000 flow- through units (the « FT Units ») and 3,100,000 regular units (the « Units »), both priced at 0.05$.

The FT Units are composed of one flow-through common share and one half of one common share purchase warrant (the « Warrant ») and the Units consist in one common share and one full Warrant. The Warrants can be exercised at the price of $0.10 for a period of 12 months following the closing date for the FT Units, and 24 month for the Units.

In connection with the Private Placement, Amex paid a Finder's fee to Secutor Capital Management Corporation in the amount of $17,500.00 and issued 350,000 finder's warrants. Each finder's warrant entitles the holder to purchase one common share, at a price of $0.05, for a period of 24 months following the closing date.

Certain insiders have participated in the private placement for the aggregate amount of $22,000 (440,000 units). Pursuant to Regulation 61-101 Respecting protection of minority security holders in special transactions ("Rule 61-101"), each of these transactions constitutes a "related party transaction" and as such, minority shareholder approval and a formal valuation can be required. However, the board has determined that such transactions meet the exemptions set out in Rule 61-101 (sections 5.5(a) and 5.7(a)) as the value of the transaction does not exceed 25% of the market capitalization of Amex. The participation of insiders in the financing and the extent of such participation was not finalized until shortly prior to the completion of the financing. Accordingly, it was not possible to publicly disclose details at least 21 days prior to the completion date.

The gross proceeds from the sale of the flow-through shares will be used to finance the Corporation's exploration program on its properties located in the Province of Quebec, and the net proceeds from the sale of the common shares will be used by the Corporation for general working capital purposes. All securities issued pursuant to the Private Placement are subject to a 4-month and one day hold period. The Private Placement is 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 listed on the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits.

Neither 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.

Contact Information:

Jacques Trottier or Pierre Carrier