Funding One Of The Biggest Exploration Programmes in Canada
Amex Exploration Inc. (TSXV:AMX) has closed a “bought deal” private placement for aggregate gross proceeds of C$11,7 million.
The Offering was led by PI Financial Corp., as sole bookrunner on behalf of a syndicate of underwriters, including Canaccord Genuity Corp., Laurentian Bank Securities Inc., Haywood Securities Inc. and Industrial Alliance Securities Inc.
In addition, the company reported that 3.4 million common share purchase warrants have been exercised for a total of C$4.3 million in cash. Two million Warrants were exercised by the company’s largest shareholder, Eric Sprott.
President and CEO, Victor Cantore, said the funds will boost future exploration activities.
“With the closing of this financing and the exercise of warrants we have approximately C$39 million of cash on hand, the majority of which is earmarked for exploration at Perron,” Mr Cantore said.
“At 200,000 metres drilling, we are currently in the middle of one of the largest drill programmes in Canada and I am very pleased with the results we have delivered to date from the drill bit as well as the recently announced metallurgy results.
“Looking forward, we will continue to focus on building a best in class organization through disciplined cash management that builds ounces in the ground and by making Amex a wildly known ‘go to’ name in the junior mining space.”
Amex is focused on its 100% owned Perron gold project located 110 kilometers north of Rouyn Noranda, Quebec, consisting of 117 contiguous claims covering 4,560 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.
