Amseco Exploration Ltd (TSXV:AEL) announced a private placement of up to 10,000,000 units at CAD 0.05 per unit for maximum gross proceeds of CAD 500,000 on September 19, 2013. Each unit consists of one common share and one-half of one warrant. Each warrant entitles the holder to purchase an additional common share of the company at CAD 0.10 per share for a period of 24 months from the date of closing of the transaction. The company will accept a minimum subscription of 20,000 units in any of the tranches. The securities being issued are subject to a hold period of 120 days. On the same date, the company announced that the transaction has been approved by board of directors. The insiders of the company may purchase up to 20% of the units being sold as part of the transaction. The company may pay agent commission as part of the transaction. The transaction is subject to certain conditions including TSX Venture Exchange approval.

On December 9, 2013, the company announced that the closing of the transaction has been extended till December 19, 2013.

On February 6, 2014, Amseco Exploration Ltd closed the transaction. The company issued 5,140,000 units for gross proceeds of CAD 257,000. The transaction included participation from eight placees including, François Lecomte, the director and Roger Bourgault, Chairman, for 1,200,000 and 100,000 units respectively.