Amex Exploration Completes Final Tranche of C$80 Million Private Placement
Eldorado Gold secures a 27% stake in Perron, cementing control as the project’s funding round concludes.
Amex Exploration completed the final tranche of its oversubscribed best‑efforts private placement, issuing 4,581,567 common shares at C$4.50 per share to raise C$20.6 million. Strategic investor Eldorado Gold Corporation bought the entire tranche, raising its beneficial ownership to approximately 26.9% following shareholder approval of its “Control Person” status. Combined with earlier closings, total gross proceeds from the financing round reached C$79.7 million. The funds are earmarked for the bulk sampling program, Phase 1 development, a Phase 2 feasibility study, exploration, and general corporate purposes.
The closing is the final step of a financing that was initially announced on May 5, expanded on May 11, and partially closed on May 21. Eldorado’s purchase of US$15 million worth of shares was telegraphed in earlier updates, and the uptick to a 26.9% stake merely executes that previously stated intention. No new, market‑moving information is presented. The news confirms that the company now has the full C$79.7 million in hand, de‑risking the funding for the bulk sample and Phase 1 work, but this was already largely priced in. The event is positive but expected, and the incremental details (share count, exact ownership) do not alter the investment thesis.
Amex Exploration Inc. is a Canadian gold exploration and development company with a 100%‑owned, district‑scale land package in the Abitibi Greenstone Belt, straddling the Quebec‑Ontario border. The flagship Perron Gold Project (Quebec) hosts the high‑grade Champagne Zone. A Phase 1 Feasibility Study (April 2026) outlines a 1,100 tpd underground mine with toll‑milling, producing an average of 147,000 oz Au per year over a 5‑year mine life, at a post‑tax NPV of C$1.13 billion and 114.6% IRR. A 40,000‑tonne bulk sample is permitted and set to begin field preparation in 2026. The consolidated regional land position now exceeds 570 km², with active drilling on both the original Perron and the new Perron West (Ontario) property.