The Company (AMI Resources Inc. - TSX-V SymbolAMU) has closed the second tranche of its previously announcednon-brokered private placement of Units of the corporation (refer tonews release dated October 25, 2010 and November 24, 2010) foradditional gross proceeds of $301,500 through the issuance of 2,010,000Units at a price of
.15 per Unit. Each Unit consists of one commonshare of the company and one-half share purchase warrant, with eachwarrant entitling the holder thereof to acquire one common share at anexercise price of
.25 per share, at any time prior to December 10,2011. If after April 10(th), 2011 the common shares of the Issuer closeat a price in excess of
.50 for 10 consecutive days, then the expirydate of the warrants will be accelerated to the date that is 30 daysafter notice of the new expiry date is provided to the holders of thewarrants.
The company has paid a 7% cash commission and granted7% Finders Options. Each Finders Option is exercisable into Units ofthe company at the price of
.15 per Unit, until December 10th, 2011.Each Unit consists of one common share and one-half warrant exercisableunder the same terms and conditions as offered under the non-brokeredprivate placement.
The Company closed the initial tranche forgross proceeds in the amount of $1,198,500 though the issuance of7,990,000 Units on November 24(th), 2010. Upon completion of the secondtranche the Company has issued a total of 10,000,000 Units for grossproceeds of $1,500,000. All securities issued under the first tranchewill be subject to resale restrictions until March 22, 2011 andsecurities issued under the second tranche of this non-brokered privateplacement will be subject to resale restrictions that expire on April10th 2011.
The company intends to use the net proceeds tocontinue the exploration and development of its Sirba Gold Project inNiger and the North Ashanti Gold Project in Ghana. Newmont has recentlycompleted a drilling program on the company's Anuoro license in Ghanaand results will be released upon receipt from Newmont. The AnuoroLicense covers 126 sq km on the Ashanti Shear and is approximately 25km to the northwest of Newmont's Akyem +8 million ounce gold deposit.Newmont has the option to earn up to a 75% interest in the Anuorolicense by spending US$4 million in exploration expenditures andproperty payments.
Drilling has commenced on the prioritytargets at the Sirba Gold Project, which borders Semafo's Samira HillMine in Niger. The Company by spending $1.5 million over a three-yearperiod is earning a 51% interest in the Sirba Gold Project from GoldenStar Resources Ltd.
We seek safe harbour.
"Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release."
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SOURCE: AMI Resources Inc.
<p>Dustin Elford, President (604) 669-2901</p>
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