Advanced Explorations Inc.

Advanced Explorations Inc.

July 09, 2007 14:13 ET

Advanced Explorations Inc. Announces Flow Through Financing

TORONTO, ONTARIO--(Marketwire - July 9, 2007) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI) is pleased to announce that the Company will raise up to $3,300,000 by way of private placement (the "Offering") of up to 2,200,000 flow through Shares (the "Shares") at a price of $1.50 per Share (the "Offering Price"). The closing is anticipated to be on or about August 1st, 2007 (the "Closing Date").

The Company has engaged Octagon Capital Corporation ("Octagon" or the "Agent") as exclusive agent of the Offering on a reasonable efforts basis. The Company will pay Octagon a commission of 8% cash and 8% broker warrants (the "Warrants"), with each Warrant being exercisable by the Agent at the Offering Price into one (1) Share of the Company for a period of up to two (2) years from the Closing Date.

The gross proceeds from the sale of the Shares will be used to incur Canadian Exploration Expense (as defined in the Income Tax Act (Canada)) on the Roche Bay iron ore property located in Nunavut, Canada and will be renounced for the 2007 taxation year.

There is a 40 man camp established on site and two drills, provided by Longyear Canada, started drilling in late June and an update on results is expected shortly. Furthermore, the company has established training programs for drillers and drill helpers for residents of Hall Beach, an Inuit community located 60 kilometers to the north of Roche Bay. A number of technical programs have been initiated including the continuation of the baseline environmental studies started in the summer of 2006.

The proposed Offering will be subject to TSX Venture Exchange approval.


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 technological and exploration expertise to assist advancement of the Roche Bay iron ore project, as well as develop new opportunities in the area and globally. Shares of the company trade on the TSX Venture Exchange under the symbol AXI.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the 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.

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.


Contact Information

  • Advanced Explorations Inc.
    John Gingerich
    President & CEO
    (416) 570-3250