AM Resources Corp. said June 8 that its AM Resources SAS unit entered into an option deal to acquire a 60% interest in the Mico gold property in Colombia from Universal Geoaguas Ltda.
The property consists of mining right LSB-74 across 10.4 hectares and application SC3-15031 across 6,000 hectares.
Under the terms, the company is required incur minimum expenditures of C$50,000 over a 12-month period.
Additionally, AM Resources is undertaking a private placement of debenture units to raise up to US$600,000. The proceeds will be used for working capital and general corporate purposes, including financing of the operations of the company's gold trading unit, AM Resources Trading Corp.
Furthermore, the company noted that David Grondin will resign as president with immediate effect, but will remain on the board. CEO Dominic Voyer will assume the role of president and was also appointed as a director.
