Private Placement closed and drilling underway.
Detailed Chart..First tranche of Private Placement closed and drilling underway.
TSX-V. AMU
VANCOUVER, Nov. 24 /CNW/ - The Company (AMI Resources Inc. - TSX-V Symbol AMU) has closed the first tranche of its previously announced non-brokeredprivate placement of Units of the corporation (refer to news releasedated October 25, 2010) for gross proceeds of $1,198,500 through theissuance of 7,990,000 Units at a price of
.15 per Unit. Each Unitconsists of one common share of the company and one-half share purchasewarrant, with each warrant entitling the holder thereof to acquire onecommon share at an exercise price of
.25 per share, at any time priorto November 22, 2011. If after March 22nd, 2011 the common shares of the Issuer close at a price in excess of
.50 for 10 consecutive days, then the expiry date of the warrantswill be accelerated to the date that is 30 days after notice of the newexpiry date is provided to the holders of the warrants.
The company has paid a 7% cash commission and granted 7% Finders Optionsto the following companies:
PowerOne Capital Markets Ltd., $47,775 cash and 318,500 Finders Option
Haywood Securities Inc. $11,025 cash and 73,500 Finders Option
Union Securities Ltd. $8,085 cash and 53,900 Finders Option
Dundee Securities Corp. $5,250 cash and 35,000 Finders Option
Mullaney Management & Trust $9,922.50 cash 66,150 Finders Option.
Each Finders Option is exercisable into Units of the company at theprice of
.15 per Unit, until November 22, 2011. Each Unit consists ofone common share and one-half warrant exercisable under the same termsand conditions as offered under the non-brokered private placement. Allsecurities issued under this non-brokered private placement and FindersOption will be subject to resale restrictions that expire on March 22nd 2011.
The company intends to use the net proceeds to continue the explorationand development of its Sirba Gold Project in Niger and the NorthAshanti Gold Project in Ghana. Newmont is currently drilling on thecompany's Anuoro license in Ghana. The Anuoro License covers 126 sq kmon the Ashanti Shear and is approximately 25 km to the northwest ofNewmont's Akyem +8 million ounce gold deposit. Newmont has the optionto earn up to a 75% interest in the Anuoro license by spending US$4million in exploration expenditures and property payments.
Our consulting geologist Claude Jobin has mobilized our exploration teamin Niger and will commence drilling high priority targets at the SirbaGold Project, which borders Semafo's Samira Hill Mine in Niger. TheCompany by spending $1.5 million over a three-year period is earning a51% interest in the Sirba Gold Project from Golden Star Resources Ltd.
Closing of the financing is subject to receipt of all necessaryregulatory approvals, including final TSX Venture Exchange approval.