TORONTO, July 30 /CNW/ - Advanced Explorations Inc. (the "Company" or
"AEI") is pleased to announce that it has received commitments in excess of
$6,000,000 in respect to the financing announced July 23, 2008. The Company,
subject to TSX Venture Exchange approval, will close an initial tranche of the
placement of 5,442,453 Flow Through (FT) shares at $1.10 per FT share to raise
a total of $5,986,700 with the remainder of the financing anticipated to close
by August 1st, 2008. The FT Shares will be subject to a four-month hold period
from the date of Closing.
The Company shall use the proceeds of the offering for the further
development of the Roche Bay Magnetite Project in Nunavut and unallocated
working capital. The flow-through funds raised will be used for general
exploration expenditures, which will constitute Canadian exploration expenses
(as defined in the Income Tax Act) and will be renounced for the 2008 taxation
In connection with this closing the Company will pay Finder's Fees
totaling $463,976 in cash and 316,347 share warrants. The finder's warrants
will have a strike price of $1.10 and a 2 year term. The Company wishes to
acknowledge the assistance of Wellington West Capital Markets Inc, PI
Financial Corp. and Ensign Capital Inc. in completing this financing.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
AEI, based in Toronto, Canada, is exclusively focused on developing high
quality iron ore opportunities. In early 2007 the Company expanded its
capabilities in iron ore exploration and development with the acquisition of
strategic management personnel. AEI has the management, technical and
exploration expertise and experience to rapidly advance the Roche Bay
magnetite project, which was acquired in June 2007, as well as, to develop new
opportunities in the area and globally. The Roche Bay magnetite project is
located proximal to a natural harbour which makes it potentially one of the
world's premier iron ore opportunities. Shares of the company trade on the TSX
Venture Exchange under the symbol AXI. For more information please visit
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE
This news release also includes forward-looking statements that involve a
number of risks and uncertainties. The information reflects numerous
assumptions as to industry performance, general business and economic
conditions, regulatory and legal requirements, taxes and other matters, many
of which are beyond the control of the company. Similarly, this information
assumes certain future business decisions that are subject to change. There
can be no assurance that the results predicted here will be realized. Actual
results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of 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 U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
For further information:
For further information: (416) 203-0057 x226