Amseco Exploration Ltd. (TSX-V: AEL) has completed a $403,200 private placement. Amseco will issue 672 units for $600 apiece. Each unit contains 4,000 common flow through (FT) and 1,000 common treasury shares at a price of $0.12 per share. Amesco will issue 325,000 Agent's Options providing the holder with the right to purchase 1 share for each Option at a price of $0.12 for 24 months from the closing. The company plans to use its proceeds Canadian Exploration Expenses and general working capital.
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The Corporation is currently reviewing its property portfolio. Amseco will soon resume exploration and mining property development activities. Once the exploration activity decisions are made they will be the object of a separate press release which will outline the specific proposed work. A yet undetermined portion of the flow-through funds will be invested on the Malartic property which was the object of the signature of a Letter of Intent leading to a formal Joint-Venture Agreement with Les Mines JAG ("JML"). A separate amount will be invested on Amseco's Urban West property continuing work already performed there over the last 18 months.
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