AMR AM Resources Corp

AM Resources Corporation (“AM” or the “Corporation”) (TSXV: AMR) (Frankfurt: 76A) is pleased to announce the closing of a second tranche of its previously announced non-brokered private placement (the “Offering”). Pursuant to the Offering, the Corporation raised aggregate gross proceeds of $446,000, consisting of the issuance of 8,920,000 units of the Corporation (each, a “Unit”) at a price of $0.05 per Unit. Each Unit is comprised of one common share of the Corporation and one half of one warrant. Each full warrant entitles the holder to acquire one common share of the Corporation at a price of $0.075 for a period of 24 months from the date of issuance.

In connection with the Offering, the Corporation paid a total of $19,500 in cash and issued an aggregate of 390,000 common shares in compensation to certain finders, which are all arms’ length with the Corporation.

The Corporation expects to close a third tranche of the Offering on or about May 8, 2022. The proceeds of the Offering will be used primarily for working capital purposes. All securities issued to subscribers pursuant to this Offering are subject to a four month and one day hold period in accordance with applicable Canadian securities legislation.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Financial Statement Filing DelayThe Company also announces that its consolidated audited annual financial statements for the year ended December 31, 2021, including the related management’s discussion and analysis and the related CEO and CFO certifications (collectively, the “Annual Financial Filings”) will not be filed by the required filing deadline of April 30, 2022 (the “Filing Deadline”).

The Annual Financial Filings will not be filed on or before the Filing Deadline due to the delay in the completion of the audit of the Corporation’s financial statements before the Filing Deadline. The Corporation is working on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings by May 27, 2022. The Corporation will provide updates as further information relating to the Annual Financial Filings becomes available.

The Corporation has applied to the applicable securities regulatory authorities and expects to receive a management cease trade order (“MCTO”) imposed against the Chief Executive Officer, the Chief Financial Officer and each director of the Corporation precluding them from trading securities of the Corporation. The MCTO will be in effect until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or before May 27, 2022.

Until the Annual Financial Filings are filed, the Corporation intends to issue bi-weekly default status reports in accordance with National Policy 12-203 – Management Cease Trade Orders. The Corporation intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Corporation confirms that there is no other material information relating to its affairs that has not been generally disclosed.

About AM ResourcesAM Resources Corporation (TSXV: AMR) is a mining exploration company 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 Colombian venture.

Forward-Looking StatementsThis news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

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.

For further information:

David GrondinAM Resources CorporationPresident and Chief Executive Officer1-514-360-0576www.am-resources.com