Amex Exploration announced that it has closed the second tranche of its private placement financing, bringing the company’s total gross proceeds raised to approximately C$59.1 million.
The company said it completed a non-brokered private placement of 1,622,222 common shares priced at C$4.50 per share, generating gross proceeds of about C$7.3 million. This financing follows the earlier closing of a brokered private placement involving more than 11.5 million common shares at the same offering price.
Combined, the two financings generated aggregate gross proceeds of approximately C$59,068,723.50.
According to the company, proceeds from the offering will support capital expenditures tied to its bulk sampling program and phase 1 development activities at the Perron Gold Project. Funds will also be allocated toward a feasibility study for phase 2 development, additional exploration work across the company’s properties, and general corporate purposes.
The company noted that shares issued under the non-brokered private placement are subject to a four-month hold period under applicable Canadian securities laws. The overall offering also remains subject to final acceptance from the TSX Venture Exchange.
Amex also disclosed that strategic investor Eldorado Gold Corporation has expressed interest in purchasing up to US$15 million in common shares through a subsequent tranche private placement.
Under the existing investor rights agreement between the companies dated January 16, 2024, Eldorado is entitled to purchase up to 4,864,923 common shares at the offering price in order to maintain its ownership stake in Amex.
Completion of the proposed Eldorado investment remains subject to regulatory and shareholder approvals, including approval for Eldorado to become a “Control Person” of the company under TSX Venture Exchange policies. The approval vote is scheduled to take place during Amex’s upcoming annual general and special shareholder meeting on June 16, 2026.
Subject to shareholder approval, the Eldorado investment is expected to close as a subsequent tranche brokered private placement following the meeting.
