Amex Exploration Announces Oversubscribed C$43.5 Million LIFE Offering and Additional Concurrent Private Placement of Up to C$31 Million
Amex Exploration overshoots equity raise target as Eldorado Gold cements its 27% stake, clearing the path for bulk sampling at the rich Perron project.
The most recent release (2026-05-11) announces that Amex Exploration has amended its previously disclosed private placement (see 2026-05-05) to accommodate overwhelming demand. The financing package now consists of: - A “LIFE Offering” of up to 9,661,000 common shares at $4.50 per share for gross proceeds of up to C$43,474,500, with an agents’ option for an additional 1,449,150 shares (up to C$6,521,175). - Two concurrent private placements – a non-brokered tranche (up to 1,622,222 shares) and a brokered tranche (up to 5,258,934 shares), both at $4.50, for aggregate gross proceeds of up to C$30,965,202. Total gross proceeds across all components may exceed C$80 million. Strategic investor Eldorado Gold Corporation has indicated it will purchase up to 4,566,667 shares in the brokered concurrent placement. President & CEO Victor Cantore also intends to buy up to 394,011 shares. Closing is expected on or about May 21, 2026. The proceeds are earmarked for the 40,000-tonne bulk-sampling program, Phase 1 development of the Perron Gold Project, a Phase 2 feasibility study, property exploration, and general corporate purposes.
The upsized financing is in line with prior expectations – the market already knew a raise of up to C$43.5M was coming from the May 5 release (which also highlighted Eldorado’s participation). The increase to ~C$80M demonstrates stronger-than-expected demand, which is a positive signal, but it also implies greater dilution at a price of $4.50, a 12% discount to the last closing price of $5.12. Because the raise is largely a confirmation and expansion of a pre-announced event, it does not constitute new, market-moving information; it is incremental progress. The funding solidifies the company’s ability to advance the bulk sample and Phase 1 development on schedule, removing near-term liquidity concerns. However, it does not alter the fundamental project economics or introduce a never-before-seen strategic development. Hence the impact is Routine – Positive.
Amex Exploration is a Canadian gold explorer/developer focused on its 100%-owned Perron Gold Project in Quebec, located in the Abitibi Greenstone Belt. The company also controls the Perron West project in Ontario, forming a district-scale land package of 502.5 km². The flagship Perron Project hosts multiple high-grade zones (Champagne, Grey Cat, Denise, Team, etc.). A Phase 1 Feasibility Study released on April 13, 2026, outlines a 5-year, 147,000 oz/year underground operation with toll milling, delivering a post-tax IRR of 114.6% and NPV₅ of C$1.13 billion at US$3,500/oz gold. Proven & probable reserves are 774 koz at 12.1 g/t Au. The project enjoys year-round road access, proximity to a hydro‑electric grid, and a skilled local workforce.