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

Advanced Explorations Inc.

July 23, 2008 13:29 ET

Advanced Explorations Inc. Finalizes Private Placement Terms

TORONTO, ONTARIO—-(Marketwire – July 23, 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 finalized the terms of its previously announced non-brokered financing to raise up to $8,000,000 (the "Offering") through the issue of flow-through common shares ("FT Shares") and non flow-through units ("Units"). The Company may complete the Offering by issuing any combination of FT Shares or Units.

Each FT Share will be issued at a price of $1.10 per FT Share and each Unit will be issued at a price of $0.95 per Unit. Each Unit shall consist of one Common Share and one-half (1/2) of one common share purchase warrant. Each whole warrant shall entitle the holder to purchase one common share ("Warrant Share") at a price of $1.35 per share for a period of twelve months from the closing of the Offering.

The Company shall use the proceeds of the offering for the further development of the Roche Bay Magnetite Project in Nunavut and for general corporate purposes.

Closing of the Offering is expected to occur on or about July 29, 2008. The FT Shares and Common Shares and Warrant Shares will be subject to a four-month hold period from the date of Closing.

Finder's fees will be payable in connection with the Offering. The Company may pay applicable finder's fees in any combination of cash, shares or warrants.

Note: If the financing were all flow through or all non flow through a total of 7,272,727 FT Shares or 8,421,052 units would be issued respectively.

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