Advanced Explorations Inc.

Advanced Explorations Inc.

October 17, 2007 21:14 ET

Advanced Explorations Inc. Announces Close of $5 Million Financing

TORONTO, ONTARIO--(Marketwire - Oct. 17, 2007) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI) is pleased to announce the completion of the non-brokered private placement previously announced on September 27, 2007. A total of 3,429,034 units (the "Units") were sold at a price of $1.45 per Unit, for gross proceeds of $4,972,099.30. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will be exercisable into one common share for two years from the closing date (the "Closing Date") at an exercise price of $2.00.

The Company paid a total cash commission of $397,768 and compensation warrants of 274,323 full warrants as Finders Fees in connection with the Offering. These entitle the Finders to purchase 274,323 common shares of the Company at an exercise price of $2.00 per common share. All compensation warrants granted to the Finders will have an exercise period which expires 2 years from the Closing Date.

Proceeds of the private placement will be used towards funding exploration on the Company's magnetite project (the "Project") in Nunavut and other obligations of the Company under the Option Agreement it entered into with Roche Bay plc to acquire up to a 50.1% in the Project, which was previously announced on February 12, 2007.

All shares issued or issuable pursuant to this transaction are subject to a hold period expiring February 17, 2008.


John Gingerich, President & CEO

ABOUT Advanced Explorations Inc.

AEI, based in Toronto, Canada, has been developing a strategy to leverage its expertise and experience in identifying business opportunities within the Resource sector. The company has recently expanded its capabilities in iron ore with the acquisition of strategic management personnel. AEI has the management, technical and exploration expertise and experience to rapidly advance the Roche Bay iron ore project, as well as develop new opportunities in the area and globally. The Roche Bay magnetite project located proximal to a natural port makes it one of the world's premier iron ore opportunities. Shares of the company trade on the TSX Venture Exchange under the symbol AXI.

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.


Contact Information

  • Advanced Explorations Inc.
    John Gingerich
    President & CEO
    (416) 203-0057