Advanced Explorations Inc.

Advanced Explorations Inc.

October 15, 2007 17:39 ET

Advanced Explorations Inc. Announces Closing of $4.97 Million Dollar Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2007) - Advanced Explorations Inc. (the "Company") (TSX VENTURE:AXI) is pleased to announce that subject to TSX approval it has raised $4,972,009.30 through a non-brokered private placement sale of 3,429,034 units in the Company at the price of $1.45 per unit. Each unit comprises one common share of the Company and one half share purchase warrant, wherein each whole share purchase warrant shall be exercisable at the price of $2.00 per common share. All issued Shares and issuable Shares pursuant to the exercise of share purchase warrants will be subject to a 4 month hold period from the date of issuance of the units. All warrants are exercisable for a term of 2 years from the date of distribution of the units. In connection with the private placement the company will pay total commissions of $397,768. and 274,323 compensation warrants priced at $1.45 with a 2 year term.


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