Advanced Explorations Inc.: Announces Temporary Cease Trade Order
09.05.2015 | Marketwire
TORONTO, May 8, 2015 - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI) (FRANKFURT:AE6) today announced that a temporary cease trade order (the "Temporary Order") preventing trading in the Corporation's shares has been issued by the Ontario Securities Commission due to the Company failing to file its annual audited financial statements for the period ended December 31, 2014, and its management's discussion and analysis relating thereto (collectively, the "Audited Financials") before the prescribed deadline of April 30, 2015, as required under Part 5 of National Instrument 51-102. The Company is currently in the process of completing these Audited Financials and believes that it will be in a position to remedy this default in due course in order to have the Temporary Order lifted.Additionally, the Company acknowledges the temporary suspension of trading of the Company's shares by IIROC as a result of the Company failing to maintain a transfer agent. The Company is currently in the process of engaging a new transfer agent and will remedy this default in conjunction with the filing of the Audited Financials.
Eric Guo, CEO, stated:
"The Company is working hard to complete the outstanding items and to maintain compliance with the Exchange and its Regulators. We are collaborating with our partners to solve these current challenges along with establishing a broader term plan that can revitalize the Company's future within the resource industry."
ON BEHALF OF THE BOARD
Eric Guo, MBA, CFA
Chief Executive Officer
All those seeking additional information are directed to contact Brendan Purdy; 416-203-0057 (ext 320).
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on developing its Roche Bay and Tuktu Iron Ore Projects in one of the world's largest developing iron ore districts, the Melville Peninsula in Nunavut. The Ocean-based Roche Bay Project boasts an NI 43-101 compliant resource estimate of over 500 million tonnes outlined within a small portion of the potential 140 km of banded iron formation. A positive feasibility study for the project's C Zone revealed a net present value of $642M on a base case 5.5 Mtpa start-up concentrate operation and substantial upside potential including becoming a low quartile cost producer. To date, the Company has delineated over 1 billion tonnes of iron under NI 43-101 among its Roche Bay and Tuktu deposits and continues to explore other targeted deposits in areas to the north, south and west of Roche Bay. The management team has extensive technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula.
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 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contact
Advanced Explorations Inc.
Brendan Purdy
(416) 203-0057 x320