MONTREAL, June 8, 2018 /CNW/ - AM Resources Corp.
(TSX VENTURE: AMR) is pleased to announce: the signing of an option
agreement to acquire a 60% interest in a Colombian gold property, a
$600,000 debenture units financing,
the settlement of a $157,802
debt in common share of the Corporation (each a "Share"),
and the appointment of Mr. Dominic
Voyer as President and Director of the Corporation.
Mico Option
Pursuant to the Mico option agreement (the "Mico
Agreement"), among AM, the wholly owned Colombian subsidiary
of AM, AM Resources SAS ("AM SAS"), and Universal Geoaguas
Limitada, AM SAS can earn a 60% interest in the Mico property by
making minimum expenditures of CDN$50,000 over a twelve month period.
The Mico property is located approximately 540 km north of
Bogota, Colombia and consists of
mining right LSB-74 covering an area of 10.4 hectares and
application SC3-15031 covering an area of 6,000 hectares. The
property does not host an active mine at present but two veins have
been apparently recognized in historical diggings including one
that can reach 50 cm in width within a 2
m wide stringer zone. The extent of the veins are not
known.
The transactions contemplated in the Mico Agreement is subject
to TSXV and regulatory approvals, and satisfactory completion by AM
of its due-diligence.
Debenture Financing
AM is also please to announce a private placement offering of
debenture units ("Debenture Units") for aggregate gross
proceeds of up to USD$600,000 (the
"Offering").
The net proceeds received by the Corporation will be used to
fund working capital and general corporate purposes, including but
not limited to, financing of the operations of Corporation's gold
trading subsidiary, AM Resources Trading Corp.
Each Debenture Unit will be offered at a price of USD$1,000 per Debenture Unit and consist of
USD$1,000 principal amount of 15%
unsecured convertible debentures (the "Debentures") and 250
Share purchase warrants (the "Warrants") of the Corporation.
Each Warrant will be exercisable to acquire one Share at an
exercise price of CDN$0.30 per Share
for a period of 12 months following their issuance.
The Debentures will bear interest from the closing date of the
Offering at 15% per annum, calculated semi-annually on June 30 and December
31 of each year. The first interest payment will be made on
December 31, 2018 and will consist of
interest accrued from and including the Closing Date to
December 31, 2018. The Debentures
will mature on the date that is 12 months from the Closing
Date.
Debt Settlement
AM is also please to announces that it has entered into a shares
for debt agreement to settle a debt totaling $157,802.22 owed to a creditor, via the issuance
of 701,343 Shares, at a price of CDN$0.225 per Share pursuant to the minimum
pricing rules of the TSXV and subject to TSXV final approval.
Management Change
Furthermore, AM announces that effective June 8, 2018, Mr. David Grondin will resign
as President of the Corporation and the Mr. Dominic Voyer has been appointed to the Board of
directors of the Corporation (the "Board"). After working
closely with the new senior management team at AM, Mr. Grondin and
the Board concluded that the executive team's restructuring efforts
and strategic plan is effectively moving forward, and as such Mr.
Grondin is stepping back from an executive role and will remain as
a member of the Board of Directors of the Corporation. The
Board wishes to thank Mr. Grondin for his tremendous efforts and
great vision is reorganizing the Corporation over the last year.
Effective June 6,
2018 Mr. Dominic Voyer will assume the role of President
in addition to his current role of Chief Executive Officer of
AM.
AM's independent consultant and Qualified Person, Pierre O'Dowd (P. Geo), has reviewed and
approved the technical content of this news release.
ABOUT AM RESOURCES CORP.
AM Resources Corp. is a mining exploration Corporation with
interests in coal and natural bitumen projects in Colombia. AM is betting on Colombia's excellent mineral potential and
favourable climate to pursue its new Colombian venture. The
Corporation is also engaged in gold brokerage activities in
Colombia through its subsidiary,
AM Resources Trading Corp.
Neither 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.
SOURCE AM Resources Corp.