Amerix arranges $1.05-million private placementAmerix arranges $1.05-million private placementAmerix Precious Metals Corp(C:APM)
Shares Issued 121,579,602
Last Close10/18/2010
.075
Tuesday October 19 2010 - News Release
Mr. Jeffery Reeder reports
AMERIX PRECIOUS METALS ANNOUNCES PRIVATE PLACEMENT OF UP TO $1,050,000 AND AMENDS LIMAO OPTION AGREEMENT
Amerix Precious Metals Corp. has received conditional approval from theTSX Venture Exchange for a non-brokered, private placement financing(the "Offering") of up to $1,050,000.
The Offering consists of up to 15,000,000 Units at a price of
.07 perUnit, with each Unit consisting of one Amerix common share and one-halfcommon share purchase warrant, with each whole common share purchasewarrant entitling the holder to purchase one Amerix common share at aprice of
.15. The warrants will expire twenty-four months from thedate of issue unless the closing price of the common shares has been
.30 or higher for ten consecutive trading days, in which case thewarrants will expire thirty (30) days after a news release announcing anearlier expiry date. The Offering also includes provision for afinders' fee payable at a rate of up to 8% of gross proceeds from Unitsales and Unit-purchase options ("broker warrants") at a rate of up to10% of the number of Units sold. The broker warrants will expiretwenty-four months from the date of issue and are subject to the sameacceleration rights as the Warrants. The securities issued in connectionwith the Offering are subject to a four month hold period from the dateof issue. Net proceeds from the Offering will be used to continue tofund the Company's LimA pounds sterlingo exploration project in Braziland for general working capital purposes.
The Company also wishes to announce that it has amended certain terms ofthe Limao option agreement with Matapi Exploracao Mineral Ltda.("Matapi"). The payment of Brazilian Reals 140,000 due to Matapi onOctober 15, 2010 has been deferred to November 30, 2010 and therequirements to incur exploration expenditures of US$500,000 during eachof the twelve month periods ending on October 20, 2010 and October 20,2011 have been deferred to each of the twelve month periods ending onApril 20, 2011 and April 20, 2012 respectively. The Company incurred afee of Brazilian Reals 50,000 to defer these option payments.
Amerix currently has 121,641,602 common shares issued and outstanding.
2010 Canjex Publishing Ltd.