Amex Exploration Closes C$34 Million Private Placement With Eldorado Gold Investment
Amex Exploration Inc. has completed the first tranche of an oversubscribed private placement, raising C$34.2 million. Eldorado Gold Corporation participated as a strategic investor, increasing its stake in the company.
Montreal, Quebec – Amex Exploration Inc. announced the closing of the initial phase of its private placement, securing C$34.2 million in gross proceeds. The financing round was oversubscribed, exceeding the company's initial target.
A significant participant in the placement was Eldorado Gold Corporation, which made a strategic investment, increasing its ownership in Amex Exploration to approximately 17 percent. The funds were raised through the sale of charity flow-through shares at C$2.27 each and hard dollar common shares at C$1.60 each.
Amex Exploration expects to complete a second and final tranche of the placement soon, which could bring the total proceeds to approximately C$37.2 million. Victor Cantore, President and CEO of Amex Exploration, stated that the financing will support exploration at the Perron Gold Project and advance the project toward development.
The net proceeds are designated for exploration activities at the Perron Gold Project, focusing on new target definition and drilling, as well as general working capital. The company noted that proceeds from the charity flow-through shares will be used for eligible Canadian exploration expenses.