Home Corporate projects News Investors Contact
Gold, Copper and Growth


Announces Closing of 4,280,000 Unit Non-Brokered Private Placement/Addition to Board of Directors

February 11, 2010

Acero-Martin Exploration Inc. (TSX-V: AMG; Frankfurt: AMX) (“Acero-Martin” or the “Company”) wishes to announce that further to its news releases dated December 1, 2009, December 29, 2009, and December 31, 2009 it has closed both the second and final tranche of its non-brokered private placement., issuing a total of 1,385,000 Units at 22.5 cents per Unit raising gross proceeds of $311,625. The gross proceeds from all three tranches of the 4,280,000 Unit private placement total $963,000.

Each Unit consists of one common share of the Company (“Share”) and one share purchase warrant (“Warrant”). Each two whole warrants entitle the holder to purchase one Share of the Company for a period of 18 months after the closing date at a price of 27.5 cents per Share.

There were no finder’s fees paid in connection with the closing of the second tranche of the placement. A finder’s fee of $473 was paid to Canaccord Capital Corp in connection with the closing of the third tranche of the placement.

All of the securities issued pursuant to the private placement, including any shares issued on the exercise of warrants, are subject to a four-month hold period and the same is subject to regulatory approval.

The combined proceeds from all three tranches of the private placement will be used to fund the continued exploration and development of the Pinaya gold-copper project in southern Peru, the continued exploration of the Red Mountain gold project in Yukon Territory, Canada, payment of past liabilities, and for general working capital purposes.

As part of its ongoing reorganization, the Company wishes to announce that Michael Scholz has been appointed to the position of CFO upon the resignation of Wan Jung. Mr Jung has provided the Company with many years of professional leadership and, as CFO, has made a valuable contribution as a member of its management team. The board wishes Mr. Jung every success in his future endeavors.

The Company further wishes to announce that Martin Wood has joined its Board of Directors effective immediately.

Mr. Wood is the Managing Director of Vicarage Capital Limited, a privately owned corporate development, investor relations and stock broking firm, focused on supporting small and mid cap natural resource companies. He received both a B.A. in Politics and Philosophy and a Masters in Business Administration from Exeter University. He then spent 12 years in the London banking and financial community, working for N.M Rothschild, Standard Bank London Ltd and the Benfield Group.  During this time he worked on over $2bn worth of transactions for the resource sector. Martin left the City in January 2003 to row the Atlantic solo and established Vicarage Capital upon his return.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:

“Michael C. Scholz”
Michael C. Scholz
Chairman and CFO


For further information on the Company, please contact us at 1-877-646-0067 or by e-mail at , or visit our website http://www.acero-martin.com.

Neither the 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.

Sign up for latest updates
*  Email Address:

© Copyright AM Gold Inc. 2016