Financings
Amex Exploration Announces up to C$43.5 Million Private Placement of Common Shares
Amex Exploration Closes Funding Gap for Perron Gold Mine Following Feasibility Study
Executive Summary
- Event: Private Placement Financing Announcement.
- Date: May 5, 2026.
- Details: Amex Exploration announced a "best efforts" private placement of up to 9,661,000 common shares at $4.50 per share.
- Proceeds: Up to C$43.5 million gross (including over-allotment).
- Use of Funds: Capital expenditures for the bulk sampling development phase of the Perron Gold Project and general corporate purposes.
- Participants: Eldorado Gold Corporation is expected to participate; CEO Victor Cantore intends to participate pro rata.
- Closing: Expected May 21, 2026.
- Context: This follows the April 13, 2026 Feasibility Study release which outlined a net initial capital requirement of C$77.5 million for Phase 1 (toll-milling).
Material Impact
- Positive Validation: The financing confirms management's ability to raise capital at near-market levels ($4.50 offer vs $4.64 recent close) following the Feasibility Study release, validating the project's valuation.
- Execution Enabler: The C$43.5 million raised covers approximately 56% of the Phase 1 net initial capital (C$77.5 million), significantly de-risking the path to bulk sampling and production start-up targeted for 2028.
- Dilution Concern: While necessary, the issuance represents dilution to existing shareholders. However, the discount is minimal (~3%), avoiding the severe dilution seen in distressed financings.
- Strategic Alignment: Eldorado Gold's continued participation reinforces strategic confidence from a major industry player who previously increased its stake to ~17% (July 2025) and now holds ~27% per March 2026 presentation.
- Risk Mitigation: Securing funds before the bulk sampling phase begins reduces the risk of project delays due to liquidity constraints, a common failure point for development-stage juniors.
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Company Overview
- Company: Amex Exploration Inc. is a gold exploration and development company focused on the Abitibi Greenstone Belt in Quebec and Ontario, Canada.
- Flagship Project: Perron Gold Project (Quebec). 100% owned.
- Status: Development / Pre-Production. Phase 1 Feasibility Study completed April 2026.
- Resource: 1.615 Moz Measured & Indicated @ 6.14 g/t Au (May 2025 MRE).
- Strategy: Two-phase development. Phase 1 involves toll-milling (contract mining) to generate early cash flow; Phase 2 involves an owner-operated mill.
- Secondary Project: Perron West Project (Ontario/Quebec border). Exploration stage, expanding the district-scale land package to ~502 km².
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Jul 13, 2026 · 07:01