Amex Exploration to raise C$52.5 million via private placement

Amex Exploration Inc. (TSXV: AMX) will raise C$52.5 million through a private placement after receiving conditional approval from the TSX Venture Exchange for the financing plan.

"Strategic investor Eldorado Gold Corporation has indicated an interest to purchase up to US$15,000,000 of Common Shares," the company said in a statement, noting the full investment requires disinterested shareholder approval.

The financing consists of a C$43.5 million listed issuer financing exception ("LIFE") offering and a concurrent C$9.1 million private placement, with all shares in the deal priced at C$4.50. The initial closing for the aggregate C$52,547,548.50 in gross proceeds is scheduled for May 21, 2026.

The capital injection de-risks Amex's exploration runway for its flagship Perron project, though it introduces share dilution for existing investors. Eldorado's full participation hinges on a shareholder vote on June 16, a key date for the company's funding strategy.

Financing Breakdown

The offering is composed of three main parts: a C$43.5 million LIFE offering of 9,661,000 common shares, a C$7.3 million non-brokered private placement of 1,622,222 shares, and an initial C$1.8 million tranche of a brokered private placement. Joint bookrunners National Bank Financial Inc. and MDCP Securities Limited also have an option to sell an additional 1,449,150 shares, which could raise gross proceeds by another C$6.5 million.

Eldorado Gold's planned US$15 million investment is subject to its approval as a "Control Person" by the company’s disinterested shareholders at the June 16 meeting. If approved, Eldorado's purchase is expected to close in a second tranche following the meeting.

The successful financing provides Amex with a strong cash position to aggressively pursue its exploration strategy at the district-scale Perron project in Quebec. Investors will now look to the June 16 shareholder meeting for the approval of Eldorado Gold's significant investment tranche.

This article is for informational purposes only and does not constitute investment advice.