Advanced Explorations Inc. Announces Closing of Second Tranche of Non-Brokered Private Placement
27 Febbraio 2014 - 9:49PM
Marketwired
Advanced Explorations Inc. Announces Closing of Second Tranche of
Non-Brokered Private Placement
TORONTO, ONTARIO--(Marketwired - Feb 27, 2014) - Advanced
Explorations Inc. (the "Company" or "AEI")
(TSX-VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce that it has
closed the second tranche of the non-brokered private placement
previously announced on November 11, 2013.
Pursuant to the second tranche, a total of 10,000,000 units (the
"Units") were sold to Hebei Han-Xing Institute of Mining &
Metallurgy Design Co., Ltd. ("Han-Xing") at a price of $0.05 per
Unit for gross proceeds of $500,000. Each Unit consists of one
common share of the Company and one common share purchase warrant
("Warrant"), with each Warrant being exercisable to acquire one
common share of the Company at a price of $0.10 for a period of 24
months following the closing date of the Offering.
In total, the Company has issued 18,000,000 shares to Han-Xing,
of which 8,000,000 are held by Han-Xing's Chairman, Jia Bingguo, in
a personal capacity. The Company is pleased to have the support of
Han-Xing and fully anticipates that it will benefit from this
relationship through improved access to China's technical and
financial communities.
Han-Xing is a renowned comprehensive mining and metallurgical
institute in China that operates globally. Established in 1976,
Han-Xing has provided engineering consulting services to over 960
projects worldwide. With the equity ownership by Han-Xing and Jia
Bingguo, the Company is confident that Han-Xing will assist the
Company in sourcing engineering, procurement, and construction
management out of China, as the case may be, and generate necessary
reporting to support financing from Chinese banks.
All securities issued in connection with the second tranche are
subject to a four-month hold period that expires on June 28, 2014.
The private placement remains subject to final approval of the TSX
Venture Exchange.
Advanced Explorations is
pleased to be exhibiting at the PDAC 2014 International Convention,
Trade Show & Investors Exchange - Mining Investment Show on
March 2nd and 3rd at booth 2414A, Metro Toronto Convention Centre
and also to be presenting at the Canada-China Investment Forum on
March 4th from 8:30 a.m. to 12:00 noon in Ballroom B of the
Intercontinental Hotel, Toronto.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a
resource development company focused on developing its Roche Bay
and Tuktu Iron Ore Projects in one of the world's largest
developing iron ore districts, the Melville Peninsula in Nunavut.
The Ocean-based Roche Bay Project boasts an NI 43-101 compliant
resource estimate of over 500 million tonnes outlined within a
small portion of the potential 140 km of banded iron formation. A
positive feasibility study for the project's C Zone revealed a net
present value of $642M on a base case 5.5 Mtpa start-up concentrate
operation and substantial upside potential including becoming a low
quartile cost producer. To date, the Company has delineated over 1
billion tonnes of iron under NI 43-101 among its Roche Bay and
Tuktu deposits and continues to explore other targeted deposits in
areas to the north, south and west of Roche Bay. The management
team has extensive technical, exploration and Canadian Arctic
mining expertise to effectively develop the high quality iron ore
opportunities on the Melville Peninsula.
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 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.
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Advanced Explorations Inc.(416) 203-0057 x226
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