Advanced Explorations Inc. has received TSX approval for the closing of a first tranche of its private placement totaling $5,986,700 as previously announced. All shares issued and issuable upon the exercise of compensation warrants shall be subject to resale restrictions that expire on December 1, 2008.
The Company has also received commitments in excess of $2,200,000, and as a result will seek TSX approval to increase the Offering to up to $8,500,000 from the previously announced $8,000,000 Offering. AEI does not anticipate any further changes to the terms of the Offering. If approved, the revised Offering would increase the total issue of flow-through common shares ("FT Shares") by 454,545 shares and non flow-through units ("Units") by 526,316 units.
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.
Most Popular Articles