Amseco Exploration Ltd – Proposed private placement, Shares for debts and Grant of stock options to directors
MONTREAL, Oct. 31, 2018 - (TSXV: AEL.H) Exploration Amseco Ltd (“Amseco”) is pleased to announce its intention to make a Private placement of 135 000 $ at the price of 0,07 $ per share. The proceeds of this private placement will be used to pay outstanding debts amounting to 89 000 $ (including advances of 24 000 $ made by the officers to the Company, without interest, and salaries or management fees of 45 000 $ for services rendered by an officer and consultant for the past three years) , and to provide the company with some cash flow for the coming months. This private placement will not include any warrant and no commission will be payable to anyone. This private placement is subject to approval by the applicable regulatory authorities.
It is also Amseco’s intent to issue shares for the payment of debts, at the price of 0,07 $ per share, including the payment of managing fees to Officers and consultants for services rendered in the past three years (100 000 $), reimbursement of loans in the amount of 189 000 $ (including interest) made to the company by shareholders (including two officers for the amount of 23 000 $, the balance being for arm’s length lenders), and advances made to the company by its officers (4000 $). This operation is subject to the approval of applicable regulatory authorities.
Should the applicable regulatory authorities approve the issuance of shares for services rendered by officers, one of them (Jean Desmarais, Amseco’s CEO) could be considered as a control person, according to the TSX Policies, with approximately 10% off the outstanding shares of the company.
The company has also issued 290 000 options to its Directors, CEO and CFO, in accordance with the Stock Option Plan approved by the shareholders. These options are at the price of 0,10 $ per share and are valid for a period of 10 years.
François LeComte, LL.B.
Director
2159 Mackay Suite 200
Montréal, Québec H3G 2J2
lecomte.amseco@gmail.com
514-562-9778
Neither the 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.
