Advanced Explorations Inc. Announces Completion of Shares for Debt Transaction
10.03.2015 | Marketwire
TORONTO, Mar 10, 2015 - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI) (FRANKFURT:AE6) today announced that it has completed the shares for debt transaction announced on February 24, 2015 after receiving approval from the TSX Venture Exchange (the "Exchange").Pursuant to the shares for debt transaction, the Company has issued 8,324,630 common shares (the "Shares") at a deemed price of $0.05 per Share in full settlement of debt in the amount of $416,231.52. The foregoing shares are subject to a statutory four-month hold period in accordance with applicable securities laws.
Additionally, the Company wishes to provide an update on the additional shares for debt settlement announced by the Company on January 16, 2015. Accordingly, the Company has submitted its request to issue shares for debt to the Exchange and is currently in the process of receiving Exchange approval for the transaction. Upon receipt of conditional approval, the Company intends to issue common shares of the Company at a deemed price of $0.05 per common share in full and final settlement of approximately $350,000 by the issuance of a maximum of 7,000,000 common shares to said creditors.
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.
(416) 203-0057 x320