Advanced Explorations Inc. Announces Amendment to Convertible Debenture Agreement
03 Marzo 2014 - 3:54PM
Marketwired
Advanced Explorations Inc. Announces Amendment to Convertible
Debenture Agreement
TORONTO, ONTARIO--(Marketwired - Mar 3, 2014) - Advanced
Explorations Inc. (the "Company" or "AEI") (TSX-VENTURE:AXI)
(FRANKFURT:AE6) announced today that it has entered into an
memorandum of understanding with XinXing Pipes (Hong Kong) Co.
Limited, a subsidiary of XinXing Ductile Iron Pipes Group Co. Ltd.
(collectively, "XDIP") pursuant to which the Parties have agreed to
amend the terms of the Convertible Debenture Agreement (the
"Debenture") dated March 2, 2012.
The Company and XDIP have agreed in principle to defer the
maturity date of the Debenture until March 2, 2015 in order to
allow the Company flexibility in its operations for the next 12
months. In consideration of this deferral, the Debenture shall
accrue interest at a rate of 4% per annum commencing from the
original March 2, 2014 maturity date.
In line with the terms of the original Debenture, the definitive
amendment agreement shall restrict XDIP's conversion rights at the
maturity date to 19.84% of the total outstanding common shares of
the Company. The conversion price with be based on the previous 5
day closing average on the day of conversion subject to TSX minimum
price conversion requirements of $0.10 per share. The terms of the
memorandum of understanding are subject to the execution of a
definitive agreement and requisite approvals from the TSX Venture
Exchange.
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.Nadine Jocaitis416-203-0057 (ext
226)Advanced Explorations Inc.(416) 203-0057 x320
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