AMEX Completes the Acquisition of X-Ore International and its Subsidary in Mexico
Wed Mar 31, 5:03 PM
ca.news.finance.yahoo.com
MONTREAL, QUEBEC--(Marketwire - March 31, 2010) - AMEX Exploration Inc. ("AMEX") (TSX VENTURE: AMX.V) is pleased to announce that it has completed the acquisition from Blue Note Mining Inc. ("Blue Note") (TSX VENTURE: BNT.V) of all the outstanding shares of X-Ore International Inc. ("X-Ore"), a subsidiary that holds through Minerales X-Ore S.A. de C.V. three properties that cover more than 40,000 hectares in the Sierra Madre Gold-Silver Belt of Mexico.
The acquisition of X-Ore is made in consideration for total cash payments of $200,000 and the issuance of an aggregate 7,000,000 common shares and 1,000,000 common share purchase warrants of AMEX.
A cash payment of $25,000 was made on the date hereof and a total of 1,500,000 common shares and 1,000,000 common share purchase warrants were issued. 300,000 common share purchase warrants will be exercisable at a price of $0.50 per share for a period of 24 months from the closing date; 100,000 will be exercisable at a price of $0.50 per share for a period of 24 months after June 30, 2010; 100,000 will be exercisable at a price of $0.50 per share for a period of 24 months after September 30, 2010; 100,000 will be exercisable at a price of $0.50 per share for a period of 24 months after December 31, 2010; 100,000 will be exercisable at a price of $0.80 per share for a period of 24 months after March 31, 2011; 100,000 will be exercisable at a price of $0.80 per share for a period of 24 months after June 30, 2011; 100,000 will be exercisable at a price of $0.80 per share for a period of 24 months after September 30, 2011; 100,000 will be exercisable at a price of $0.80 per share for a period of 24 months after December 31, 2011.
The remaining cash payments and shares issuances will be made quarterly until December 31, 2011 as follows:
-- on June 30, 2010, a cash payment of $25,000 and the issuance of 500,000
common shares;
-- on September 30, 2010, a cash payment of $25,000 and the issuance of
500,000 common shares;
-- on December 31, 2010, a cash payment of $50,000 and the issuance of
1,000,000 common shares;
-- on March 31, 2011, a cash payment of $25,000 and the issuance of 500,000
common shares;
-- on June 30, 2011, a cash payment of $25,000 and the issuance of 500,000
common shares;
-- on September 30, 2011, a cash payment of $25,000 and the issuance of
500,000 common shares; and
-- on December 31, 2011, the issuance of 2,000,000 common shares.
All securities issued in connection with the acquisition will be subject to a 4-month hold period.
Without the prior approval of the shareholders of Amex, no securities will be issued in connection with the acquisition if, as a result of such issuance, a control person is created. Under the acquisition, a control person will be created if a person holds more than 15% of the issued and outstanding common shares of AMEX.
Amex Exploration Inc. is a junior mining exploration company, the shares of which are listed of the TSX Venture Exchange. Its primary objective is to develop and bring into production viable gold and base metal deposits.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts
Mr. Jacques Trottier
AMEX Exploration Inc.
President and Chief Executive Officer
514-866-8209 |
