Amex Exploration Inc.: Announcement.MONTREAL Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. -- Amex Exploration Inc. today announced its resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of trading on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. , subject to regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval. Following the fruitless fruit·less adj. 1. Producing no fruit. 2. Unproductive of success: a fruitless search. See Synonyms at futile. reverse takeover A reverse takeover occurs when a publicly-traded smaller company acquires ownership of a larger company. It typically requires reorganization of capitalization of the acquiring company. with Orthosoft Inc., the Company will continue its activities in the mineral exploration sector. This decision is further to the firm recovery of the base metals market and the clear strengthening of gold prices. The Company's action plans for the months ahead is as follows:
a) Board of Directors
Jacques Trottier, Chairman of the Board and President and Chief
Executive Officer
Michel Rathe, Secretary, Vice-President, Finance
Andre Shareck(i), Director
Pierre Carrier(i), Director
(i) Member of the Audit Committee
Another director will be appointed in the next few weeks, subject to
regulatory approval.
b) Mining properties
The Company will continue its activities in the mineral
exploration sector in Quebec.
Within this context, the Company mandated an independent
consulting firm, Les Consultants Geohabilis inc., to produce an
updated compilation of the various work performed on the Normetal
property. This compilation has made it possible to update new base
metal targets identified by SOQUEM's geochemical interpretation
work in 2003, covering the entire property, and the interpretation
of surveys performed on the eastern part of the property. Most of
these new targets have never been tested by drilling and Les
Consultants Geohabilis inc. recommends an initial two-phase
program.
In addition, Amex's management has signed an agreement with
Noranda Inc., valid for two years, whereby it can operate a quarry
located on certain claims on the Normetal property for the
purposes of providing covering material for restoration of the
former Normetal mine site. Under this agreement, Amex will receive
a royalty, which should translate into a source of financing
without diluting its share capital.
By the end of September 2005, the Company undertakes to conduct
$50,000 of exploration work on the Normetal property.
The Company is currently in negotiation with a third party for the
possibility of an option agreement on the Perron / Normetal
property.
c) Financial situation
The Company currently has $93,437 of working capital as at June
30, 2005. This amount has been reduced by $74,500, corresponding
to the amount owed to directors / officers. It is the intention of
these two directors / officers to convert this amount into shares
of the Company, all subject to regulatory approval. This
conversion would allow the Company to have $167,937 of working
capital as at June 30, 2005.
This working capital will be sufficient to cover corporate and
other expenses for the next year.
The Company is currently in negotiation to complete $150,000 in
financing (terms and conditions to be defined) by the end of
September 2005, so that it can carry out exploration work in the
next few months.
The Company thus anticipates an interesting autumn and thanks its
shareholders for their patience.
The TSX Venture Exchange assumes no responsibility for the relevance or accuracy of this press release. |
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