Amex Exploration (TSXV: AMX) last night announced that it is looking to raise further funds for the purpose of exploration. The company is conducting a bought deal private placement of flow through shares.
Under the terms of the offering, the firm will look to sell 7.0 million shares of the company at a price of $4.82 per flow through share. No warrant is being offered under the financing. The company expects to raise gross proceeds of $33.7 million via the offering.
A 15% over-allotment option has also been granted by the company, which must be exercised prior to the closing of the offering.
Proceeds from the financing are to be used for exploration expenses at the firms properties in Quebec. The offering is currently slated to close by February 15.
Amex Exploration last traded at $3.11 on the TSX Venture.
Information for this briefing was found via Sedar and Amex Exploration. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
The Greats: Canada’s Notable Mining Financiers
Mining exploration, besides being a high-risk, high-reward endeavour, is a very capital intensive business. It...