Advanced Explorations Inc. Announces Receipt of $5,000,000 Convertible Debenture Financing
TORONTO, ONTARIO -- (Marketwire) -- 03/02/12 -- Advanced Explorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the 'Company' or 'AEI') is pleased to announce that it has received US$5,000,000 from its strategic partner XinXing Ductile Iron Pipes Co. Ltd. ('XDIP') as part of its Convertible Debenture Financing (the 'Financing') (as press released October 31th, 2011 and January 10th, 2012). The 24-month debenture is interest free to AEI and is convertible by XDIP at a minimum price of $0.45 per share. The closing of the Financing remains subject to acceptance by the TSX Venture Exchange.
John Gingerich, President & CEO, commented:
'We are very pleased with the diligent efforts of our partner to work
through the approval process in China and bringing this financing to a
close. Our focus remains on completing the feasibility study for our
Roche Bay Project and to move this asset forward to production.'
In addition, the Company will present at the Canada-China Investment Forum, organized by Natural Resources Canada in conjunction with the Canadian Embassy in Beijing and the Ministry of Land and Resources of the People's Republic of China, on Tuesday, March 6th, 2012 at the Hyatt Regency Hotel in Toronto.
The Company will also be exhibiting at the upcoming Prospectors and Developers Association of Canada convention in Toronto from March 4th to March 7th, 2012. Those in attendance can meet with AEI representatives at booth 3342.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
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 feasibility study for the project's C-Zone is near completion. 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. A preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion, and the potential for rapid advancement into development of either iron concentrate or high value iron nugget products. 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.
Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226