AM Resources Corp. Announces Conditional Purchase Order for UCS Machineadmin
MONTREAL, Aug. 22, 2018 – AM Resources Corp. (TSX VENTURE: AMR) to is pleased to announce that it issued a conditional purchase order (the “PO”) to Epic NRG LLC (“ENL”) , a Florida based sale agent of New Tech Ideas Inc., the distributer of Ultimate Conversion © System (“UCS”) waste management gasification system manufactured by Gold Seal Industries LLC, for the acquisition, as a turnkey project, of a USC machine capable of producing 100 metric tons output unit (the “USC Machine”) for US$36,950,000.00.
AM intends to use the UCS Machine to convert coal in biodiesel.
Dominic Voyer, President and CEO of AM stated: “In order to expand our Colombian operations while maximizing shareholder value, we believe that generating revenues by converting resources readily available to us is essential to strive in our current economic environment. We have made it our mission to create a self sustainable mining exploration company so we may continue to seize as many opportunities as possible during what we feel is a great time to be doing business in Colombia.”
The PO is conditional upon ENL securing debt financing and providing a performance bond in favor of AM covering the Purchase Price, which would be payable as follows: 50% upon the financing having been secured (the “Acceptance Date”), 20% 90 days after the Acceptance Date, an additional 20% 90 days after the Acceptance Date, and a final 10% before shipment of the USC Machine, which is expected to occur 9 months after the Acceptance Date.
Further to the closings of its latest offering (see press release August 15, 2018), the Corporation wishes to correct the disclosure related to the total amount of common shares sold, cash finder fees paid and broker warrants issued, which totalled $521,120.55 131,865.97, $38,430.20 and 226,060, instead of the $522,121.15, $38,350.10 and 281,986 broker warrants disclosed.
ABOUT AM RESOURCES CORP.
AM Resources Corp. is a mining exploration Corporation with interests in coal and natural bitumen projects in Colombia. AM is betting on Colombia’s excellent mineral potential and favourable climate to pursue its new Colombian venture. The Corporation is also engaged in gold brokerage activities in Colombia through its subsidiary, AM Resources Trading Corp.
President and Chief Executive Officer
Neither 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.