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Amex Exploration raising C$8M for gold, base metals exploration in Quebec

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Amex Exploration raising C$8M for gold, base metals exploration in Quebec

Amex Exploration Inc. aims to raise C$8 million through a bought-deal private placement of 4,444,500 flow-through units at C$1.80 apiece, with closing expected around Nov. 5.

The company will use the proceeds for exploration in Quebec, where its assets include the Perron gold project, part of the Normetal property, it said Oct. 15. In January, drilling intersected high-grade gold at Perron.

Each unit will comprise one share and one-half of a warrant, with each whole warrant exercisable at C$1.50 per share for 18 months from closing. The company noted that the issue price represents a 63% premium to the closing price of its shares Oct. 15.

Amex Exploration said Eric Sprott agreed to participate in the offering, with Sprott expected to own about 14.2% of Amex's shares upon closing. Sprott now has an 8.2% interest in the company, according to S&P Global Market Intelligence data.

The company also granted the underwriters, led by PI Financial Corp. and Generic Capital Corp., an overallotment option to purchase up to an additional 888,900 flow-through units, exercisable prior to closing.