Advanced Explorations Intends to Raise $3MM in Flow-through Financing
Advanced Explorations has engaged Sandfire Securities Inc. and the MineralFields Group to assist the Company in raising capital by private placement offering to accredited investors. Subject to TSX Venture Exchange approval the Company intends to raise up to $3,000,000 worth of flow through funds through a brokered offering led by Sandfire Securities Inc. acting as lead agent. A total of up to 27,272,727 flow-through units will be offered at $0.11 per Unit.
Each Unit consists of one (1) common share and one-half (1/2) of one non-transferable common share purchase warrant (the "Warrants"). The holder of Warrants shall be entitled to convert each whole Warrant to a common share of the Company at an exercise price of $0.16 for 24 months following the closing of the Offering ("Closing"). All warrants shall expire two (2) years after Closing.
The gross proceeds raised from the flow-through funds will be used for exploration expenditures in the Company's Nunavut Roche Bay Magnetite Project, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2008 taxation year.
- Advanced Explorations Completes First Tranche of $3MM Financing (Dec 15)
- Advanced Explorations Intends to Raise $3MM in Flow-through Financing (Dec 04)
- Advanced Explorations Closes on Private Placement's Second Tranche (Aug 06)