VANCOUVER, June 10, 2013 /CNW/ - The Company (AMI Resources Inc. - TSX-V Symbol AMU) wishes to announce that due to the current equity market conditions it has decided to cancel its previously announced non-brokered private placement of 6,000,000 million Units at $0.05 per Unit.
The Company has agreed to enter into a loan transaction to borrow $100,000 from Lexus Gold Corp. ("Lexus Gold") under the following terms:
- The loan will be for a period of one year.
- Interest shall be at the Bank of Montreal Prime rate plus 4%, calculated annually.
- A bonus of 400,000 common shares will be issued to Lexus Gold
- The loan will be secured by the Company's future property payment receivables and its ownership in AMI Africa Ghana Exploration Ltd., a Ghana company wholly-owned by the Company's British Columbia subsidiary AMI Africa Exploration Ltd.
Lexus Gold is a private company incorporated in the Province of British Colombia owned by the two directors / officers of Lexus Gold who are also directors / officers of the Company.
Proceeds from this loan will be used for general working capital in-order to maintain the Companies current operations during on-going negotiations with potential joint venture partners and equity investors. The loan and the bonus share issuance transaction will also be subject to TSX-V and all regulatory approvals. Any securities issued in connection with the transaction will be subject to a statutory hold period.
About the Company:
The Company currently holds the Anuoro license in Ghana. This license of 63 sq km covers over 14 km of the Anuoro/Wabri trend. Two distinct gold zones have already been identified: Anuoro North Zone with an at surface NI43-101 gold resource of 97,686 oz and still open at depth and along strike; and the Anuoro South Zone. The Anuoro South Zone had 64 drill holes (4,249 meter) on 100 meter lines at 50 m spacing with some 25 meter in-fill spaced holes to a maximum depth of 70 meters. Management believes there is a strong possibility of an additional gold resource at the Anuoro South zone, which has a strike length of 1,000 m by 600 m wide and remains open along strike and at depth.
The Company also has an Option Agreement with Middle Island Resources Limited, an Australian public company, whereby they can earn up to a 70% interest in all the Company's assets in Niger by spending US$2,000,000 in work expenditures and property payments during a three-year period.
We seek safe harbour.
"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: AMI Resources Inc.
For further information:
Dustin Elford, President (604) 669-2901