AM Resources Announces Closing of Second Tranche of $446,000 Private Placement and Delays Filing of Annual Financial Statements

AM Resources Corp.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES

MONTREAL, April 29, 2022 (GLOBE NEWSWIRE) — AM Resources Company (“A M“or the”society”) (TSXV: AMR) (Frankfurt: 76A) is pleased to announce the closing of a second tranche of its previously announced non-brokered private placement (the “Offer”). Pursuant to the Offering, the Company raised aggregate gross proceeds of $446,000, consisting of the issuance of 8,920,000 Company Units (each, a “Unity”) at a price of $0.05 per unit. Each Unit consists of one common share of the Company and one-half warrant. Each full warrant entitles its holder to acquire one common share of the Company at a price of $0.075 for a period of 24 months from the date of issue.

In connection with the placement, the company paid a total of $19,500 in cash and issued a total of 390,000 common shares in consideration to certain intermediaries, who deal at arm’s length with the company.

The Company expects to close a third tranche of the placement on or about May 8, 2022. The proceeds of the placement will be used primarily for working capital purposes. All securities issued to purchasers under this offering are subject to a hold period of four months and one day in accordance with applicable Canadian securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any state securities law and may not be offered or sold in the United States or to or for the account or benefit of a United States Person (as defined in Regulation S of the US Securities Act) unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

Filing deadline for financial statements
The Company also announces that its annual audited consolidated financial statements for the year ended December 31, 2021, including the related MD&A and related CEO and CFO certifications (collectively, the “Annual financial deposits“) will not be filed before the required filing deadline of April 30, 2022 (the “Deadline for filing”).

The annual financial documents will not be filed on or before the filing deadline due to the delay in completing the audit of the Company’s financial statements prior to the filing deadline. The Company is working on the steps necessary to complete the annual financial filings and expects to be able to file the annual financial filings by May 27, 2022. The Company will provide updates as further information relating to to the annual financial documents will be available.

The Company has filed an application with the applicable securities authorities and expects to receive a management cease trade order (“MCTO”) imposed on the Chief Executive Officer, the Chief Financial Officer and each director of the Company preventing them from trading in the securities of the Company. The MCTO will be in effect until the filing of annual financial documents and requires that annual financial documents be filed no later than May 27, 2022.

Until the annual financial filings are filed, the Company intends to issue default status reports every two weeks in accordance with National Policy 12-203 – Cease Trade Orders. direction. The Company intends to satisfy the alternative disclosure provisions of the Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its business that has not been generally disclosed.

About AM Resources
AM Resources Corporation (TSXV: AMR) is a mining exploration company with interests in natural coal and bitumen projects in Colombia. AM is betting on Colombia’s excellent mineral potential and favorable climate to pursue its Colombian adventure.

Forward-looking statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause AM’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “anticipates”, “expects”, “estimates”, “intends”, “anticipates” or “believes”. , or variations of these words and phrases or state that certain actions, events or results “could”, “could”, “would”, “could” or “will” be undertaken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Because forward-looking statements and information relate to future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the above list of factors is not exhaustive. The forward-looking statements contained in this press release are made as of the date of this release and, accordingly, are subject to change after such date. AM undertakes no obligation to update or revise any forward-looking statements, written or oral, which may be made from time to time by us or on our behalf, except as required by applicable law.

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.

For more information:

David Grondin
AM Resources Company
President and CEO
1-514-360-0576
www.am-resources.com

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