10:43 AM EDT, 07/17/2025 (MT Newswires) -- Amex Exploration ( AMXEF ) on Thursday said it will raise up to $24.97 million through a non-brokered private placement of charity flow-through common shares and may raise up to an additional $5 million through the issuance of hard dollar common shares.

The company said it will place 11 million charity flow-through common shares at $2.27 each and may also issue up to approximately 3.12 million hard dollar common shares at $1.60 each.

As part of the offering, Eldorado Gold ( EGO ) will purchase of 11 million common shares at $1.60 each, for gross proceeds of $17.6 million, the company said.

Amex plans to use the net proceeds of the offering to fund exploration across the Perron Gold Project with a focus on new target definition and drilling. The closing of the offering is expected to occur on or before August 7 and is subject to the satisfaction of certain conditions.

"Eldorado's strategic investment significantly strengthens our exploration budget and reaffirms the high-quality potential of the Perron project and the recently acquired Perron West project," said Amex Exploration's ( AMXEF ) President and Chief Executive Officer, Victor Cantore. "With a strong resource estimate already defined, we see substantial untapped upside across the broader property. This funding will enable us to aggressively pursue new targets and further demonstrate the scale and opportunity in the broader district scale camp."

Amex's shares were last seen down $0.01 to $1.72 on the TSX Venture Exchange.

Price: 1.72, Change: -0.01, Percent Change: -0.58