| December 23, 2009 Amato Closes Second Tranche of Brokered Private Placement | |
| VANCOUVER, BC, December 23, 2009 /CNW/ - Amato Exploration Ltd. (the "Company" or "Amato") (TSX-V:AMT), (http://www.amatoexploration.com), is pleased to announce that, further to its news release of October 20, 2009, it has closed the second tranche of its brokered private placement amounting to 525,000 Units at a price of $0.50 a Unit for gross proceeds of $262,500.00. Each Unit is comprised of one common share of the Company and one half of one share purchase warrant. A full warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.75 per share until December 23, 2011, subject to accelerated expiry in certain circumstances. Wolverton Securities Ltd. ("Wolverton") acted as the lead agent with respect to the private placement. Wolverton and members of its selling group were paid an aggregate commission of $21,000 and received 42,000 agent's options, each of which entitles the holder to purchase one Unit of the Company at an exercise price of $0.50 per Unit until December 23, 2011 on the same terms as the Units comprising the offering. Shares acquired by the placees are, and shares which may be acquired upon the exercise of the share purchase warrants will be, subject to a hold period until April 24, 2010, in accordance with applicable securities legislation. The proceeds of the private placement will be used to advance Amato's portion of the proposed exploration program on the El Creston property and to meet its obligations under the letter agreement with Minera Copper Canyon de Mexico SA de CV , as previously announced. About Amato Exploration Ltd. Amato Exploration Ltd. is a North American mineral exploration company based in Vancouver, B.C., Canada. We are currently focused on exploring for iron ore, silver and gold deposits in northern Mexico and securing other leading mineral properties in the Americas. The Company's primary asset is its Colosio-Los Letreros Property located in southwestern Chihuahua State, in northern Mexico. DISCLAIMER This news release contains forward-looking statements which reflect management's current expectations regarding the Company's objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities. These forward-looking statements are not guarantees, but only predictions. Although the Company believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a number of factors that could cause actual results to vary significantly from current expectations. These factors and other risks and uncertainties are discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time, as identified in the Company's disclosure record on www.sedar.com. The forward-looking statements included in this news release are made only as of the date of this news release and the Company does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by 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 news release. For more information, please contact: Mr. Melvin R. Reeves, Chief Executive Officer, Amato Exploration Ltd. Tel: 604-315-2559 Investor relations contact: Mr. John Bevilacqua, Acqua Capital Group. Tel: 604-721-3000. For further information, please send enquires to info@acquacapitalgroup.com. THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM. | |
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