Amex Exploration Lands $250,000 Financing From Visible Gold Inc.

Amex Exploration Inc. has announced that Visible Gold Mines, Inc. has picked up the entire first half of its planned $500,000 financing. Visible Gold acquired 1 million units, at a price of 25 cents each, with each unit containing a share and one warrant. (Most deals of this sort include half a warrant per unit.) Each warrant entitles its holder to purchase an Amex share at 35 cents for a period of one year after the distribution date. As disclosed in the news release, Visible Gold has already entered into a joint venture, by which Visible can earn a 50% interest in Amex's Cameron property. It also says that the proceeds will be used for further exploration on Amex's properties, and will also go "toward meeting short term operating working capital requirements."

Despite a generally lousy gold-stock market, Amex Exploration is up. As of the time of this post, it's gained a penny to reach 26 cents on fairly heavy trading. Visible Gold is currently unchanged at 8 cents on moderate trading.

Amex's Google Finance web page is here, and Visible's is here.

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