Advanced Explorations Inc.
TSX VENTURE : AXI.H
NEX BOARD : AXI.H
TSX VENTURE : AXI

Advanced Explorations Inc.

July 30, 2008 07:31 ET

Advanced Explorations Inc. Closes Private Placement First Tranche of $5,986,700

TORONTO, ONTARIO--(Marketwire - July 30, 2008) - Advanced Explorations Inc. (TSX VENTURE:AXI.H)(NEX BOARD:AXI.H)(TSX VENTURE:AXI) (the "Company" or "AEI") is pleased to announce that it has received commitments in excess of $6,000,000 in respect to the financing announced July 23, 2008. The Company, subject to TSX Venture Exchange approval, will close an initial tranche of the placement of 5,442,453 Flow Through (FT) shares at $1.10 per FT share to raise a total of $5,986,700 with the remainder of the financing anticipated to close by August 1st, 2008. The FT Shares will be subject to a four-month hold period from the date of Closing.

The Company shall use the proceeds of the offering for the further development of the Roche Bay Magnetite Project in Nunavut and unallocated working capital. The flow-through funds raised will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2008 taxation year.

In connection with this closing the Company will pay Finder's Fees totaling $463,976 in cash and 316,347 share warrants. The finder's warrants will have a strike price of $1.10 and a 2 year term. The Company wishes to acknowledge the assistance of Wellington West Capital Markets Inc, PI Financial Corp. and Ensign Capital Inc. in completing this financing.

ON BEHALF OF THE BOARD

John Gingerich, President & CEO

ABOUT Advanced Explorations Inc.

AEI, based in Toronto, Canada, is exclusively focused on developing high quality iron ore opportunities. In early 2007 the Company expanded its capabilities in iron ore exploration and development with the acquisition of strategic management personnel. AEI has the management, technical and exploration expertise and experience to rapidly advance the Roche Bay magnetite project, which was acquired in June 2007, as well as, to develop new opportunities in the area and globally. The Roche Bay magnetite project is located proximal to a natural harbour which makes it potentially one of the world's premier iron ore opportunities. Shares of the company trade on the TSX Venture Exchange under the symbol AXI. For more information please visit www.Advanced-Exploration.com.

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.

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN.

Contact Information

  • (416) 203-0057 x226