AM Resources announces closing of first $869,500 of a maximum $2 million private placement

AM Resources Corporation

(“

AM

” or the “

Corporation

”) (TSXV: AMR) (Frankfurt: 76A) is pleased to announce that it has closed a first tranche of $869,500 (the “

First Tranche

”) of a non-brokered private placement of up to $2,000,000 (the “

Offering

”), consisting of the issuance of 17,390,000 units (the “

Units

”) at a price of $0.05 per Unit. Each Unit is comprised of one common share of the Corporation and one warrant. Each warrant entitles the holder to acquire one common share of the Corporation at a price of $0.075 for a period of 24 months following the closing of Offering.

In connection with this First Tranche, the Corporation paid certain finders, which are all arms’ length with the Corporation, finders’ fees for a total of $18,000 in cash and issued 36,000 warrants, with each warrant entitling the holder to acquire one common share of the Corporation at a price of $0.075 over a period of 24 months from the closing.

The proceeds of the Offering will be used primarily for working capital purposes. All securities issued pursuant to this Offering are subject to a four month and one day hold period, ending on August 7, 2022, in accordance with applicable Canadian securities legislation.

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

About AM ResourcesAM Resources Corporation (TSXV: AMR) is a mining exploration company 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 Colombian venture.

Forward-Looking StatementsThis news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they 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 foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

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.

For further information:

David GrondinAM Resources CorporationPresident and Chief Executive Officer1-514-360-0576www.am-resources.com