Advanced Explorations Inc.

Advanced Explorations Inc.

June 05, 2006 08:00 ET

Advanced Explorations Inc. Announces Results of Annual General Meeting and Share Issuance

TORONTO, ONTARIO--(CCNMatthews - June 5, 2006) - Advanced Explorations Inc. (NEX:AXI.H) is pleased to announce that its 2006 Annual General Meeting was held on Wednesday May 31, 2006 in Toronto. The results of voting by shareholders on matters submitted to the annual meeting are:

Election of Directors: Gary Williams, John Gingerich, Clara Mancini, Benoit Rivard, Lyndon Bradish, and Paul Matysek were re-elected as Directors of the Company.

Appointment of Auditors: Moore Stephens Cooper Molyneux, Chartered Accountants, were appointed as auditors of the Company for the ensuing year, and the directors were authorized to fix the remuneration of the auditors.

Stock Option Plan: The Stock Option Plan was approved as presented.

Further to the debt settlement agreement announced on April 6, 2006, the Company has issued 202,785 shares in partial payment of outstanding debts. The shares are subject to a 4 month hold period expiring August 28, 2006.

The Company also wishes to re-announce its proposed private placement, previously announced on February 24 and April 11, 2006. The Company shall enter into private placements for the sale of up to 2,600,000 units at $0.50 per unit for a total of $1,300,000, where each unit consists of one common share of the Company and one-half of one share purchase warrant, where one whole share purchase warrant shall have a one year term for the purchase of one further common share of the Company at the exercise price of $0.75 per share. Up to the maximum allowable finder's fee shall be paid in cash, shares or a combination of both.

This news release 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.

The NEX and the TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Advanced Explorations Inc.
    Gary Williams
    (416) 570-0629