Advanced Explorations Inc. is pleased to announce that it has received TSX approval for the closing of the second tranche of its private placement totaling $2,351,750.50 as previously announced, which included an increase in the Offering by up to $500,000. All shares issued and issuable upon the exercise of compensation warrants shall be subject to resale restrictions that expire on December 6, 2008.
A total of $8,338,450.50 has been raised as a result of the first and second tranche closings, and the Company has issued a combination of Flow-Through shares and Non-Flow-Through Units totaling 7,594,725 shares in connection with the closings.
The proceeds of the private placement will be used to further develop the Roche Bay Magnetite Project in Nunavut and general corporate purposes. The flow-through funds raised will be used for exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2008 taxation year.
AEI, based in Toronto, Canada, is exclusively focused on developing high quality iron ore opportunities. In early 2007 the Company expanded its capabilities in iron ore exploration and development with the acquisition of strategic management personnel. AEI has the management, technical and exploration expertise and experience to rapidly advance the Roche Bay magnetite project, which was acquired in June 2007, as well as, to develop new opportunities in the area and globally. The Roche Bay magnetite project is located proximal to a natural harbour which makes it potentially one of the world’s premier iron ore opportunities. Shares of the company trade on the TSX Venture Exchange under the symbol AXI. For more information please visit www.Advanced-Exploration.com.