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Amex Exploration Inc.: Amex Exploration Closed First Tranche of $500,000 Financing

^{Published on 2009-03-10 08:15:17, Last Modified on 2009-03-10 08:15:50 - Market Wire}
 

MONTREAL, QUEBEC--(Marketwire - March 10, 2009) - Amex Exploration Inc. (TSX VENTURE:AMX) ("Amex") announces that Visible Gold Mines Inc. ("Visible Gold") has subscribed 1,000,000 units (each a "Units" and collectively, the "Units") of Amex at $0.25 each for total proceeds of $250,000. Each Unit is comprised of one common share of Amex and one common share purchase warrant, entitling the holder thereof to acquire an additional common share of Amex at $0.35 per share for a period of 12 months from the distribution date.

All securities issued pursuant to the private placement are subject to a four-month hold period expiring on July 7, 2009. The private placement is subject to the final approval of the TSX Venture Exchange.

A second tranche in the amount of $250,000 is expected to close by the end of March under the same conditions.

Proceeds of the private placement will be applied toward ongoing work on Amex properties, and toward meeting short term operating working capital requirements.

As previously announced in a press release dated March 4, 2009, Amex and Visible Gold have entered into an option agreement where Visible Gold can earn a 50% interest in the Cameron mining property.

Amex is a junior mining exploration company, the shares of which are listed on the TSX Venture Exchange. Amex's primary objective is to develop and bring into production viable gold and base metal deposits.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.