TORONTO, Aug. 1 /CNW/ - Advanced Explorations Inc. (the "Company" or
"AEI") is pleased to announce that it has received TSX approval for the
closing of a first tranche of its private placement totaling $5,986,700 as
previously announced. All shares issued and issuable upon the exercise of
compensation warrants shall be subject to resale restrictions that expire on
December 1, 2008.
The Company has also received commitments in excess of $2,200,000, and as
a result will seek TSX approval to increase the Offering to up to $8,500,000
from the previously announced $8,000,000 Offering. AEI does not anticipate any
further changes to the terms of the Offering. If approved, the revised
Offering would increase the total issue of flow-through common shares ("FT
Shares") by 454,545 shares and non flow-through units ("Units") by 526,316
The proceeds of the private placement will be used to further develop the
Roche Bay Magnetite Project in Nunavut and general corporate purposes. The
flow-through funds raised will be used for exploration expenditures, which
will constitute Canadian exploration expenses (as defined in the Income Tax
Act) and will be renounced for the 2008 taxation year.
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