Advanced Explorations Inc.

Advanced Explorations Inc.

August 16, 2005 09:51 ET

Advanced Explorations Inc. Announces Results of Annual General Meeting and Status of Private Placement

TORONTO, ONTARIO--(CCNMatthews - Aug. 16, 2005) - Advanced Explorations Inc. (AEI) (TSX VENTURE:AXI.H) is pleased to announce that its annual general meeting was held on Friday, June 17, 2005 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 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.

By-Law No. 1A: By-Law No. 1A was adopted, approved and confirmed.

The best-efforts private placement of up to $350,000 has concluded. To date $150,000 has been raised and closed. The company will re-apply under the same terms and conditions for the balance. The terms of the private placement are for $150,000 with a four month hold. Each unit consisted of one common share at $0.30 with a full warrant at $0.40, good for one year from the date of closing. Funds will be used to provide operating capital for the company while it is preparing further financings.

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.

Issued and Outstanding 8,174,492

The NEX/TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Advanced Explorations Inc. (TSX VENTURE:AXI.H)

Contact Information

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